Japan Ferrous Scrap Export Price Decreases

Japanese ferrous scrap export price is decreasing. The price decreased to FOB around 37,500 yen per tonne by 1,000 yen for H2 grade over the previous week when Japanese electric furnace makers’ purchasing price decreased or South Korean importer finished securing ferrous scrap.In last month, Japanese ferrous scrap was more expensive due to increased purchasing price by electric furnace makers around Tokyo. Hyundai Steel, South Korean biggest electric furnace maker, reduced the purchasing price of Japanese ferrous scrap on October 10 in 4 months for the first time.Hyundai Steel reduced the offer price to FOB 39,800 yen per tonne by 1,000 yen for H2 at weekly tender on Wednesday from previous week, which reduced to 44,800 yen by 1,500 yen for new cutting scrap.