Japan Ferrous Scrap Export Hits 46-Month High in February

Japanese ferrous scrap export increased for 4 months in a row through February. The export increased by 28.6% to 831,000 tonnes in February from January, which exceeded 800,000 tonnes for the first time sine April 2005. The major export deals with South Korean and Chinese buyers from end 2008 to early 2009 expanded the volume.

The export increased by 15.4% to 560,000 tonnes for China and by 59.3% to 231,000 tonnes for South Korea in February from January. The export was 25,000 tonnes for Taiwan while the export was zero in January.

The export transaction with buyers in South Korea and China increased from end 2008 to early 2009 due to relative lower price in Japan than offshore market. The export transaction slowed when Japanese scrap price increased but recently the transaction increases slightly.