South Korea’s Hyundai steel slashed Japanese scrap prices by JPY500/mt ($4.56/mt) for all grades on Friday, after Japan’s Kanto tender bids dropped by $11/mt, a day prior.
Revised bids for #2 HMS were at JPY45,000/mt ($410/mt), HMS 1&2 50:50 (H1/H2) was at JPY45,500/mt, shredded at JPY55,000/mt ($500/mt), P&S 5ft (HS) at JPY58,000/mt ($527/mt) and #1 busheling was at JPY63,500/mt ($577/mt) fob Japan as announced on Aug 20.
Nippon steel was also heard buying local P&S 5ft at $545-555/mt delivered.
Low grades in Japan softened by $5/mt and whereas high grades remained firm.
($1 = JPY109.59)