In the last tender, POSCO offered CFR 60,000 yen (USD 376) per ton for heavy grade scrap. This price was 500 yen (3 USD) higher than the previous week and 2,500 yen (15 USD) higher than three weeks ago.
POSCO's Pohang and Gwangyang steel mills purchase Jungnang grade steel for approximately 430,000 won (312 USD). The company supports its production with steel scrap purchased from Japanese suppliers and aims to balance the price differences between local and international markets with this strategy.
At a time when steel scrap supply is limited and prices are strong in Japan, there are significant price increases in the export offers of the Kanto Iron Resources Association. This shows that demand in the market is high and prices are supported accordingly.
Industry officials state that they expect a decrease in production and volumes in the summer months in markets such as Japan. In this process, it is emphasized that steel scrap companies are ready to meet the demands of large steel producers such as POSCO.
These price increases in POSCO's Japanese steel scrap imports are among the developments closely followed in the regional steel markets. In the coming period, how these dynamics will take shape in the steel industry and their effects on global steel prices will be closely monitored.
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