Japan Ferrous Scrap Export Price in Strong Tone

Japanese ferrous scrap export price is increasing by 1,000-2,000 yen per tonne in a month from the beginning of August. The export price for South Korea is FOB 27,500-27,800 yen per tonne for H2 grade and FOB 30,500-30,700 yen per tonne for new cutting scrap. The export price decreased to around FOB 26,000 yen per tonne at the beginning of August and shifted over the strong tone with the increase in ferrous scrap purchase price by Tokyo Steel Manufacturing.Okayama iron works of Tokyo Steel raised the ferrous scrap purchase price by 500-1,000 yen per tonne on August 11 and announced additional hike on August 22 and 24. The ferrous scrap export price around Tokyo Bay and Nagoya increased along Tokyo Steel’s hike. Ferrous scrap export tender price increased by 1,130 yen to FAS 26,730 yen per tonne for H2 at Osaka Gulf at the export tender held by the association of ferrous scrap dealers in Osaka on August 25 from the previous tender on July 25.