Japan Billet and Rebar Export is Slack by Higher Yen Rate

Asian billet market price dropped slightly when ferrous scrap price turned into weak tone, and South Korean and Taiwanese steel makers reduced billet price for expansion of sales. The market price decreased by US4 10 per tonne or nearly 2% from peak level in the beginning of September. Export business negotiations are slack for billet and rebar by Japanese rebar steel makers due to higher yen rate.

Japanese billet export price increased to over C&F 600 per tonne to Vietnam in August, while dropped to US$ 590 in recent day. Hyundai Steel, South Koran largest electric furnace maker, contracted billet export at US$ 585 to Vietnam. Other South Koran and Taiwanese steel makers offer sales price at over US$ 570. Japanese large dealer source said offer reduced significantly to Japanese steel makers from offshore users.

On the other hand, Chinese market price is rising for rebar and billet. Rebar and billet market price increased to over 4,200 yuan per tonne or about 53,000 yen by supply restriction of electric power in Shanghai. However, Chinese market price movement is definite. Asian billet market price is expected to maintain weak tone.