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Mar.29.2024 1USD=7.095RMB
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Scrap Export Bidding Prices Add Slippage in Kanto

https://en.steelhome.com [SteelHome] 2019-06-12 14:46:37

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Japanese steel scrap prices fell under 30,000 yen a ton in the export bidding tendered in Kanto, showing a 3-month straight slippage on the overall export constraints and prolonged weakness in Korean market. On June 11, the exporting bidding recorded 28,967 yen a ton which dropped 1,630 yen in terms of H2 bundles, fas, on average, while being short of 30,000 yen a ton if converted to free on board terms. The awarded quantity was known a total of 20,300 tons.

Japanese steel scrap experts said that Kanot’s scrap exporting bidding price collapsed 30,000 yen a ton range in about six months since December last year, and the weakness in export and Korean market both continues without any rising factor. Therefore, the export bidding is expected to remain weak over the next month, they added.

Under these circumstances in Japan, Korea’s EAF steel mills based in southern Korea will enter into the buying price cuts immediately following their scrap purchase prices hikes recently twice. According to the industry source, the Korean EAFs based in the south of Korea like Daehan Steel, Korea Steel, Hankuk Special Structure, and Hankuk Steel are known to cut their scrap purchase price by 10,000 won a ton beginning the second week of June.

EAF steel mills suffered difficulties in balancing scrap supply and demand on the diluted trade flows for a while latest, but they are now released from tighter supply amid the sufficient stock.

In the second week of June, Korea’s scrap market conditions showed upward in both Kyungin & middle of Korea as well as southern districts. Over the previous week, major EAF mills like Hyundai Steel, Dongkuk Steel, Daehan Steel, Korea Steel, SeAH Specialty Steel, and YK Steel increased their scrap buying prices. The result was to hike the scrap prices by 15,000 won a ton in the middle districts and 10,000 won per ton in the south.

Source: Steel&Metal News
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