SEOUL (Scrap Register): South Korean steel giant Posco is likely to trim export prices of hot rolled coils (HRC) steel to Japan by ¥2,000--3,000 a ton for the first quarter of 2015.
Currently, Japan’s suppliers have planned to cut their prices by the similar range to offset cheaper import materials. Posco will also reduce its supply of HRC to Japan due to the weakening yen.
According to data released by Japan Iron & Steel Federation (JISF), Japan’s imports of HRC rose to 151,000 tons in September, up by 12.5% from the previous month and soaring by nearly 51.5% from the same month of last year.
