Hyundai Steel Offers FOB 38,000 yen/t for Japan Scrap

Hyundai Steel of South Korea offered FOB 38,000 yen per tonne for H2 for April shipment and 37,500 yen for May shipment to Japanese ferrous scrap dealers at weekly scrap purchase tender on Wednesday. The offered around 41,000 yen for new cutting grade scrap. On the other hand, South Korean electric furnace steel makers shift the scrap purchase from Japan to USA and Russia temporally under higher Japanese scrap price. Hyundai Steel already purchased more than 80,000 tonnes from USA and 70,000 tonnes from Russia. SeAH Besteel purchased 30,000 tonnes of scrap from USA for the first time in 10 years. South Korean steels shifted to Japanese scrap in 2006 and the import from Japan was 3.38 million tonnes representing more than half of total 5.70 million tonnes. They halved the import from Russia and USA.