Hyundai Steel Offer Price Renews Highest for Japan Scrap

Hyundai Steel offer price for Japanese ferrous scrap renewed the record for 3 weeks. The firm submitted the offer at over FOB 3,000 yen per tonne for H2 grade, which was 500-700 yen higher from previous week, which increased for 5 weeks, or 2,000 yen from previous month, at tender on Thursday. The firm followed domestic market price hike to get ferrous scrap that the firm will start again no.2 electric furnace at B area of Dangjin plant in the ended of this year. Tokyo Steel Manufacturing, Japanese biggest electric furnace maker, raised the purchase price of ferrous scrap to 32,500 yen per tonne for H2 grade for the 5 times at Okayama plant delivered by ocean transport after November 18. Japanese makers’ purchasing price and export price keeps increasing each area. Large dealer source forecasted that South Korean or Taiwanese steel makers is expected to switch over the purchasing it to U.S.A. from Japan which is higher price. However, Hyundai Steel looks to raise the purchase price to get Japanese ferrous scrap which is delivered earlier because the firm starts again no.2 electric furnace at B area of Dangjin plant. Hyundai Steel offered the purchasing price at FOB around 30,500 yen per tonne for H2 and at 33,000 yen for new cutting grade to Japanese exporters, according to large dealer source. The price in FAS equivalent is equal with scrap export price at export tender held by Kanto Tetsugen on Thursday. Dealer source expects that there is possible the export price achieves at FAS 30,000 yen per tonne for H2.