Japan Ferrous Scrap Export Price Hits below 30,000 yen/t

Japanese ferrous scrap export price decreased to less than 30,000 yen per tonne for H2 grade for South Korea. Japanese dealer source said the price decreased by 2,000 yen to around FOB 28,000 yen for Hyundai Steel from last week. Japanese export price decreased to around FAS 27,000 yen from Tokyo bay when Japanese electric furnace steel makers including Tokyo Steel Manufacturing reduced the scrap purchase price.

Japanese dealer source sees the dealers around Tokyo would get export order with lower price due to slow shipment for western Japan and decreasing domestic scrap price.

Japanese trading firm source sees Japanese scrap price decrease impacts on US scrap export price. Sims Metal Management’s export price was CFR US$ 455 per tonne for East Asia in mid-October. However, the trading firm source sees US export price from West Coast would decrease when Japanese export price is more than US$ 20 lower than US scrap.