Japan Ferrous Scrap Export Price Inreases

Offer price to Japanese scrap export increased for 2 weeks in a row. Hyundai Steel increased the price by 500-700 yen per tonne at the tender on Wednesday. The purchase price reached the level as record price in mid-September. Hyundai Steel increased the offer by 500 yen to around FOB 28,500 yen per tonne for H2, by 700 yen to 31,700 yen for new cutting grade and by 700 yen to 31,200 yen for HS at the tender from previous week. The price represents FAS 28,500 yen per tonne, which is higher than averaged FAS 27,260 yen for H2 at the export tender held by Kanto Tetsugen on November 9. The export price is likely to keep firm when the domestic scrap supply is expected to keep tight.