Japan Ferrous Scrap Export Price Increases to South Korea

Japanese ferrous scrap export price is increasing to South Korea. One South Korean steel maker booked around 10,000 tonnes of Japanese scrap at around FOB 29,000 yen per tonne, which was 1,500 yen higher than the recent bottom in October, according to Japanese trade firm source.

US scrap export price turned upward and the offer price increased to more than CFR US$ 400 per tonne to East Asia when steel makers in Taiwan, Turkey, Greece and Egypt increase the US scrap import. Taiwanese steel makers increase the import from Japan while the US scrap price increased.

A Japanese trade firm source expects Japanese scrap exporters already increased the export offer to South Korea but the offer would be too high. Japanese industry’s interest focuses on Hyundai Steel and other major Asian buyers’ import tender and purchasing activity.