Hyundai Steel calls off billet export tender due to thin interest

South Korea’s Hyundai Steel has withdrawn its latest tender to sell a 10,000-tonne billet cargo for early February loading due to a lack of participation, a source familiar with the matter said on Friday January 9.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The tender, at which 122x122mm billet was offered, closed on Thursday. The South Korean steelmaker is expected to re-issue the tender next week.

Hyundai Steel last sold a 5,000-tonne cargo in October at just under $460 per tonne fob, but prices of South Korea-origin billet have since moved lower in tandem with weakening international prices.

The market continues to reel from sliding prices out of China due to its supply glut.

A 5,000-tonne cargo of Chinese billet was heard booked this week to the Philippines at $405 per tonne cfr Manila, down $35-40 per tonne from trades done a month ago.

Recent Base Metals News

Editor's pick