East Asia bulk HMS market stalls amid China ferrous scrap exposure, falling Japan scrap prices
Singapore (Platts's)--3 May 2017 Japanese ferrous scrap prices have continued decreasing during the week, with sluggish export demand as well as lower export booking prices, trading sources in Tokyo said. S&P Global Platts assessed Japanese H2 grade ferrous scrap export prices at Yen 24,500/mt FOB ($219/mt) FOB Tokyo Bay Wednesday, the implied price is Yen 1,750/mt lower from the mid-point of previous week's assessment at Yen 26,000-26,500/mt FOB. South Korea's leading electric arc furnace mill, Hyundai Steel, placed its bid at Yen 25,500/mt FOB for H2 material on Thursday but revised its bid to Yen 25,000/mt FOB on Friday, a source close to the company said. On Thursday right before Hyundai placed its bid, South Korea's Dongkuk Steel Mill also placed a bid at Yen 24,000/mt FOB for H2 material, but trading sources in Tokyo said no booking at Yen 24,000/mt FOB was confirmed. A Tokyo-based scrap trader said Hyundai's revising bid means Yen 25,500/mt ...