The majority of the offer price from Japan increased at approximately more than Y 21,500/MT FOB for No2 HMS level and keep the high price continuously. But the company decided to unchange the bid, because of the foreign exchange rate, US$1= Y101.1 as of August 5, and the stagnation of new deals of Japanese ferrous scrap for South east Asia, afftected by Yen’s apreciation against US dollar.
Hyundai Steel Co procured the deepsea bulk cargoes in the 4th week of July and 1st week of August. Compared to these contract prices of US ferrous scrap, Japanese ferrous scrap is relatively high. Therefore, the company decided to unchange the bid.