It was reported that Hyundai Steel of South Korea recently signed long-term annual contracts with many Japanese suppliers to ensure the scrap supply from Japan.

The company had also signed contracts related to Japanese scrap in the past, but the term was only 3 months at most, and it was increased to a full year this time.

Since China started importing scrap from Japan this year, uncertain factors emerged in the direction of the Far East scrap market. Therefore, the recent tight supply of high-end scrap was expected to continue, leading Hyundai Steel to decide to secure a stable supply through annual long-term contracts.