Japan Ferrous Scrap Exporters Offers 1,000 yen/t Hike for South Korea

Japanese ferrous scrap export offer price increased for South Korea. Japanese sources confirm the price increased by around 1,000 yen to more than FOB 32,000 yen per tonne for H2 grade compared with last week level. The export shipping increased around Tokyo bay since last week after the exporters secured export order in January when Japanese domestic price decreased.

Japanese scrap export transaction price increased by 500-1,000 yen to around FOB 31,500 yen per tonne for H2 grade for South Korea compared with last week level. South Korean users restarted scrap import after Chinese New Year holidays.

South Korean scrap users accepted higher Japanese scrap price when Japanese price is still lower than US export price. Japanese dealer source sees South Korean users shift to Japanese scrap from US scrap when US export price is around CFR US$ 461 or around 35,300 yen for No.1 heavy melting scrap for East Asia.