South Korean steelmaker Hyundai Steel has introduced a new procurement policy for bidding on Japanese ferrous scrap with cost and freight (cfr) included, a company spokesman said on Tuesday February 4.
Hyundai is to launch tenders in six regions across Japan, with prices to be negotiated on a cfr South Korea basis instead of the previous fob Japan basis.The new policy began on February 3 and Fastmarkets has already heard of tenders closed for Japanese H2 scrap at ?26,000-26,400 ($239-243) per tonne cfr South Korea for shipments of 5,000-8,000 tonnes.
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