A reduction in South Korean bid prices for steel scrap on Friday August 20 has further lowered sentiment in the Japan steel scrap export market, sources have told Fastmarkets.
Some Japanese suppliers accept lower bid prices from South KoreaChinese mills reduce local scrap buy prices againExpensive Japan-origin offers persist in cfr China market.
South Korea
A major steelmaker in South Korea announced bid prices on Friday that were lower than the company's previous public bid prices on August 5, with some suppliers deciding to offer material at these lower prices, sources said.
The mill bid ?45,000 ($410) per tonne fob for H2-grade scrap, ?55,000 per tonne fob for shredded, ?58,000 per tonne for heavy scrap (HS) and ?63,500 per tonne fob for Shindachi busheling on Friday - all down by ?500 per tonne compared with the bids on August 9.
The reduction in bid prices was another sign of a weakening market...