Japanese Ferrous Scrap Export Price Continues Dropping

Japanese ferrous scrap export price to South Korea continues dropping. Hyundai Steel, South Korean largest electric furnace steel maker, held a ferrous scrap import tender on Monday and contracted new cutting scrap at around 34,000 yen per tonne and H2 at around 27,000 yen per tonne. The price lowered by 4,000 yen from the beginning of this month. The price is even lower than the averaged successful bid price at Kanto Tetsugen’s monthly export tender for July shipment held on June 9.

Ferrous scrap export price is globally in downtrend. In Japan and USA, domestic scrap market prices continue dropping impacted by inactive export. Meanwhile, Taiwanese importers seem to have restarted offers for Japanese ferrous scrap at CFR US$ 335 per tonne for H2. Chinese importers recently contracted US ferrous scrap at around CFR US$ 365 per tonne for July-August shipment, according to Japanese large dealer.