Osaka Ferrous Scrap Export Price Slightly Lower than Tokyo

Ferrous scrap export price was FAS 33,160 yen per tonne for H2 grade at the joint tender held by the dealers around Osaka on Monday, the export transaction was made for the first time since the tender on April 25. The price is around 160 yen lower than the averaged export price at the tender held by dealers around Tokyo on August 10. The averaged bid was 31,676 yen.

One dealer source said South Korean steel makers reduced bid for Japanese ferrous scrap to less than FOB 34,000 yen per tonne for H2 grade while the export price was more than FAS 33,000 yen for H2 grade at the tender on Monday. Hyundai Steel booked at around FOB 33,500 yen for H2 grade. However, Japanese trading firm source sees steel makers in East Asia including South Korea would not purchase a large volume of ferrous scrap.

Electric furnace steel makers’ ferrous scrap purchase price is 34,000-34,500 yen per tonne for H2 grade around Osaka. The scrap supply is decreasing around Osaka. However, one dealers source sees the scrap price could decrease.