The uptrend in Japanese scrap pricescontinues

In South Korea, Hyundai Steel raisedits bid for Japanese H2 scrap in its scrap auction on 21 October. The mill’sbid for H2 at JPY 54,500/tonne ($478/t) fob is JPY 2,500 ($22) higher than itstendered price on 14 October. It placed an order for 3,000-5,000 tonnes of H2scrap, South Korean trading sources said on Thursday.

In its latest auction, the millmainly bought Shindachi Bara (Busheling) grade scrap at JPY 67,000/t fob. Thisbid price is unchanged from last week. The scrap ordered is due for shipment by21 December. The quantity purchased for Shindachi has not been made knownyet.

In the Japanese domestic market,Tokyo Steel raised its scrap procurement prices at its Utsunomiya steelworks,for the second time this week. It is paying JPY 54,500/t for H2 grade scraptrucked to the steelworks, effective 21 October, up JPY 500/t during 19-20October. The mill has now raised its scrap prices five times amounting to atotal of JPY 7,500 during October.

Edit: Yuan Hui
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