Flat Japan Ferrous Scrap Price

Japanese ferrous scrap export price keeps flat for 3 weeks. Hyundai Steel offered flat price to Japanese suppliers at scrap purchase tender on Tuesday. Japanese exporters are likely not to get new order when they try to increases the export price with expectation for flat domestic scrap price, which is higher than export price. Hyundai Steel offered 500 yen per tonne down at tender on October 11 and 18 from previous week to find the way to compromise with Japanese exporters. The firm offered flat purchase price at tender on October 25 when Tokyo Steel Manufacturing left the purchase price unchanged and scrap prices didn’t decrease much at major port areas though the price decreased by 500 yen per tonne around Tokyo and by 500-1,000 yen around Nagoya.