Hyundai Steel Offers FOB 38,500 yen/t for Japan Scrap

Japanese ferrous scrap export price increased. Hyundai Steel of South Korea raised the import price of Japanese ferrous scrap in about one month for the first time. The firm seems to consider increasing ferrous scrap purchase price of Japanese electric furnace makers. Hyundai Steel offered FOB 38,500 yen per tonne for H2 and 44,500 yen for new cutting scrap to Japanese ferrous scrap dealers at weekly scrap purchase tender on Wednesday. The firm increased both offer prices by 1,000 yen per tonne compared with the previous bid.The firm’s offer price is FAS 37,500 yen per tonne for H2 and slightly exceeded the purchasing price of local electric furnace makers around Tokyo.