South Korean POSCO continues bidding for Japanese scrap

Friday, 21 June 2024 17:35:35 (GMT+3)   |   Istanbul

South Korean POSCO has continued to share bids for Japanese scrap this week, keeping prices stable. South Korean market players report that domestic scrap prices in the country are still on the low side, “But each mill’s supply and demand situation is different. Market is still open to price drops due to poor and not improving product sales”.

POSCO has shared bids for Japanese shredded scrap at JPY 57,500/mt ($361/mt) CFR, same on Japanese yen basis with the producer’s previous bid for this grade on June 13. This level indicates FOB based prices for Japanese shredded scrap are at around JPY 54,500/mt ($342/mt down by $5/mt amid exchange rate fluctuations).

Considering the gap between ex-Japan shredded and H2 scrap prices at around JPY 3,000-4,000/mt. This means indications for ex-Japan H2 prices for South Korea are still at JPY 50,500-51,500/mt FOB or but softened to $317-323/mt FOB due to changes in the yen-dollar exchange rate.

Additionally, market sources report that POSCO has shared bids for Japanese HS grade scrap are at JPY 58,000/mt ($364/mt) CFR, $5/mt lower than the previous dollar-based levels.

Meanwhile, SteelOrbis heard that Vietnamese buyers’ idea for Japanese H2 scrap is at around $360/mt CFR. No deals at this level were recorded this week.

$1 = JPY 159.30


Similar articles

US flat steel pricing mostly higher as mills raise pricing ahead of holiday scramble

20 Dec | Flats and Slab

Global View on Scrap: Prices in Turkey stabilize ahead of holidays, Asia still moving down

20 Dec | Scrap & Raw Materials

Local Turkish scrap market remains stable on lira basis

20 Dec | Scrap & Raw Materials

Turkey’s import scrap market remains stable for now

20 Dec | Scrap & Raw Materials

Vietnam’s import scrap market moves down ahead of holiday season

20 Dec | Scrap & Raw Materials

South Korea’s POSCO continue bidding for Japanese scrap

20 Dec | Scrap & Raw Materials

Mexican domestic scrap prices - week 51, 2024

20 Dec | Scrap & Raw Materials

Japanese scrap offers to Taiwan soften, US absent due to holidays

20 Dec | Scrap & Raw Materials

Local Italian scrap prices adjusted down further, uncertain outlook for January

20 Dec | Scrap & Raw Materials

Scrap metal exports from Mexico at 28-month high in October

20 Dec | Steel News