Japan Ferrous Scrap Export Price Slightly Increases

Japanese ferrous scrap export price increased by 200-500 yen per tonne from last week, according to Japanese trade firm source. The price is now around FOB 31,000 yen per tonne for H2 grade to Dongbu Steel of South Korea. The price is 1,000-1,500 yen lower than the peak in August.

South Korean steel makers are concluding ferrous scrap import negotiation at CFR US$ 405-410 per tonne with U.S exporters when the scrap demand is firm in South Korea, according to the source. However, U.S major exporters reduce the scrap purchase price in domestic market. Japanese export price could be impacted by the lower US market.

Japanese electric furnace steel makers’ scrap purchase price is 31,000-32,000 yen per tonne for H2 grade in Tokyo and 31,000-32,500 yen per in Osaka, the level of which is higher than export price to South Korea. Osaka based electric furnace steel maker, Kishiwada Steel reduced the price by 500 yen on Saturday.