Japan Ferrous Scrap Market Shows Mixed Sign

Japanese ferrous scrap export price hit record FAS 36,260 yen per tonne for H2 grade for May shipment in average at tender held by Kanto Tetsugen on Wednesday, which was 265 yen higher than former record 35,995 yen at tender last month. On the other hand, Hyundai Steel of South Korea offered around FOB 37,000 yen per tonne for H2 and around 40,500 yen for new cutting scrap to Japanese scrap dealers at the weekly tender on Wednesday, which was 500 yen lower than last week. Two traders won the Kanto Tetsugen’s tender at 36,710 yen per tonne and 35,850 yen respectively shipping 15,000 tonnes of scrap by June 15. Twelve traders out of 15 eligible firms submitted 14 bids with 66,500 tonnes, which was 30,000 tonnes lower than previous tender. Japanese scrap export price is around FOB 37,000 yen per tonne from Tokyo bay. The price is peaking under weak offshore market with less demand for Japanese scrap when South Korean steel makers shift to materials in USA and Russia.