South Korea: Japanese scrap export market remains active; prices range-bound

South Korea's major steel manufacturer POSCO (Pohang Iron and Steel Company) hiked its bid further for Japanese scrap grades yesterday. In the latest bids presented by POSCO, the bid price for Japanese higher grade scrap- shindachi and shredded scrap stood at JPY 29,000/t CFR Korea, which is equivalent to around JPY 26,500/t ($ 254) FoB Japan basis, putting Japanese H2 scrap at JPY 24,500-25,000/t FoB Japan. The bids have increased by JPY 500/t in comparison to last bids presented by POSCO at JPY 24,000/t FoB basis on 23rd July '20

Dongkuk books Japanese bulk cargo - Another major South Korean steel mill, Dongkuk Steel has booked a Japanese H2 scrap bulk cargo. The company's bid for H2 scrap was reported at JPY 27,000/t CFR basis on arrival prices could be considered at JPY 25,000/t FoB level.

Japanese bulk scrap cargo booked for Bangladesh - A mixed Japanese scrap cargo for around 10,000 t was heard to have been booked by a Bangladesh based steel mill early this week at around $280/t CFR. However, it could not be confirmed from the buyer's end at the time of reporting it.

Japan's domestic scrap market - Japan's leading EAF mini mill- Tokyo Steel announced its second price hike in its domestic scrap purchase prices after over a week. Bids have moved up by JPY 500/t for it Utsunomiya plant in Kanto region, effective from 28 July '20. Currently, Tokyo steel's scrap purchase price stands at JPY 22,500/t for H2 scrap delivered to Utsunomiya works in the Kanto region and Tahara plant in central Japan, each.

Hyundai Steel suspends unloading Russian scrap owing to COVID - Hyundai Steel's previously booked Russian bulk cargo has now arrived at the North Port of Korea. The unloading of the ship has been suspended due to the occurrence of COVID-19 to a crew of Russian ship, as per reports. However, other crew members are now in a 14-days quarantine period. They would unload the ship after return 14 days of on board containment, and no further confirmers emerge. In addition to it, in the upcoming Russian cargo after 3rd August would only go on board the crew members who have undergone the Covid-19 safety inspection by the Russian government.