Japanese Ferrous Scrap Export Price Hit the Bottom

Japanese ferrous scrap export price which decreased for 2 weeks hit the bottom. Hyundai Steel presented the same price to Japanese ferrous scrap exporter in Japanese ferrous scrap purchase tender from the previous week on Thursday. The firm had been searching lower price of Japanese exporter in last tender in the last week. Market price keeps higher level by the increasing in demand of ferrous scrap in Japan. One large trading firm said Hyundai Steel judged to any-more decrease the purchase price of it. Hyundai Steel presented the purchase price at FOB around 27,500 yen per tonne for H2, which at FOB around 30,500 yen for new cutting scrap to Japanese exporter in October 25 tender, according to one large trading firm. Hyundai Steel decreased by 500 yen per tonne from a week ago in October 11 and 18 tender, which kept the purchase price in this tender. Hyundai Steel is expected to get the material for mainly imported ferrous scrap because the firm will re-start the operation of no.2 electric furnace which produces at 185 tonne per charge in A area in Karatsu plant in January 2007. Japanese scrap dealer said there is possible Japanese ferrous scrap export price shit to strong tone in near future. Moreover, the market price of it in U.S.A. seems to convert to strong tone. Turk which is their country to purchase it from U.S.A. in 2005 is expected to recover the purchase of it from U.S.A. in November when Turk brings under control to purchase it from U.S.A. since slipknot in October. Turk purchased it from U.S.A. at 195,000 tonnes in September 2005, which at 73,000 tonnes in October 2005, and which at 180,000 tonnes in November 2005. The composite ferrous scrap price in U.S.A. increased from October 2005. Japanese large trading firm said the composite ferrous scrap price in U.S.A. is having rising mood, which is expected to increase in October.