Japan Rebar Export Price Hits US$ 1,000/t

Japanese concrete reinforcing steel bar export price exceeded US$ 1,000 per tonne. Japanese makers receive strong order from South Korea, Taiwan, Southeastern Asia, North America and Middle East and the price increased to FOB US$ 1,028 for USA for August shipment. The international market is lifted by aggressive appetite from construction booming Middle East. The billet export market is also expected to rebound after temporally drop from peak of US$ 1,074 for July-August shipment. Japanese rebar export price increased to US$ 780-790 per tonne for April shipment from US$ 600 level at the beginning of the year. Japanese makers stopped export earlier the year due to rapid appreciation of yen exchange rate. However, they now take chance for higher price when yen rate gets lower and construction steel consumption expands in Middle Eastern countries lifting international steel market. Middle Eastern buyers are willing to buy Japanese steels at US$ 1,093 for rebar and at US$ 1,028 for billet and the price level is expected to increase more. The billet price dropped by US$ 40 from the recent peak to reflect lower ferrous scrap market in Europe and USA. However, the steel price is supported by firm ferrous scrap market.