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Mar.29.2024 1USD=7.0948RMB
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Hyundai Steel Further Cut Fe-Scrap Buying Order for 30K mts HMS No.1

https://en.steelhome.com [SteelHome] 2019-04-23 10:38:02

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Amid proceeding to import steel scrap from overseas, Hyundai Steel is said to further a 30,000 tons HMS No.1 scrap purchase order from SIMS Metal at $329 per ton, cfr, to be warehoused in around the coming June or July according to the buying agency. That is $4 per ton lower than the previous contracts that were pushed ahead were a total of 85,000 tons HMS No.1 from SIMS Metal and others at $333 per ton, cfr, down $17, scheduled to arrive in May or June.

As international price of steel scrap is going downward Hyundai Steel is striving to increase import in an attempt to stabilize the Korean scrap market, while the company suggested 31,500 yen per ton, fob Japanese ports for import H2 scrap from Japan last week. The offer was 1,000 yen lower than previously.

Korean EAF steel mills located in southern Korea implement to lower their steel scrap purchase prices for the fourth time this year, while those based in Kyungin and central Korea including Hyundai Steel and Hwanyoung Steel joined to cut their buying offers as well.

In addition, steel scrap prices collapsed in southern Korea by at maximum 50,000 won per ton on account of an accident out of action at Korea Steel, sparking to lower the steel scrap prices even in Kyungin and central Korea.

According to the industry source, Korea Steel, Daehan Steel and YK Steel lowered scrap purchase prices by 10,000 won per ton available on april 22 and 23, while SeAH Changwon Sepecialty Steel, Dongkuk Steel Pohang factory and Hyundai Steel Pohang factory will also join to cut the scrap purchase prices by 10,000 won per ton on April 24 and 25 respectively. Hyanyoung Steel will implement 10,000 won per ton cut as of April 25, and Hyundai Steel Incheon and Dangjin factories will cut by 10,000~20,000 won per ton for purchasing steel scrap as of April 29.

EAF mills based in Kyungin and central Korea is known to participate in the lowering of steel scrap purchase prices in synch with those located in southern Korea in a bid to stabilize the Korean scrap conditions. The steel scrap prices will be balanced between those both districts, otherwise those of Kyungin and central Korea may be a little bit higher than southern Korea, the industry people close to the steel scrap issues forecast.

Furthermore, the Korean bulk buying price of casting steel scrap dropped in a long time, by 12,000 won per ton available from April 19, according to the Kyungin Casting Business Cooperative, settling at 351,000~358,000 won per ton following 5,000 won per ton hike on March 6. The prices were 471,000~478,000 won per ton previously. The Korean major EAF mills implemented to cut their buying price for raw steel scrap bundles in tandem with the dampened market situations and the recent accident that occurred at SeAH Besteel fueled lowering of raw steel scrap bundles purchase prices, the industry experts said.

Source: Steel&Metal News
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