Japan Ferrous Scrap Export Price to Rebound

Japanese ferrous scrap export price is likely to rebound for South Korea and Taiwan after Chinese New Year. Japanese scrap dealers try to increase the price when offshore market rebounded.

The materials diverted to local steel makers around Tokyo under lower export price when Hyundai Steel of South Korea reduced the purchase price by 500-1,000 yen at weekly tenders in late January. However, the marker is expected to increase the price to secure materials under higher international price.

Japanese largest electric furnace steel maker, Tokyo Steel Manufacturing keeps the scrap purchase price after increase on January 19. However, the price is still 11,500 yen per tonne higher than a year earlier.