Hyundai Steel alters Japan scrap procurement rules, sellers must arrange freight

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.
Fastmarkets understands the tenders will be launched at the Port of Sakata in Yamagata prefecture; at the Port of Niigata; in Hokkaido; in the Kanto region, which includes the bellwether Tokyo Bay area; at Chubu; and in Kansai, together with Western Japan.

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.


Lee Allen

February 05, 2020

03:25 GMT