US Ferrous Scrap Export Price Hits Record for Asia

US ferrous scrap export price surges for East Asian market. The price hit record C&F US$ 372 per tonne for no.1 heavy melting scrap for Hyundai Steel of South Korea, which increased by US$ 22 from previous month, according to Japanese trading firm. The higher offshore market could lift Japanese scrap market both for domestic shipment and export. Tokyo Steel Manufacturing already increased the scrap purchase price 4 times in the month. The price increased by 4,000 yen to 41,500 yen per tonne for H2 grade at Utsunomiya plant. Hyundai Steel increased the offer to Japanese scrap to record FOB 39,500 yen per tonne for H2 last week. Asian steel makers increase the purchase from USA and China Steel Corporation of Taiwan purchased US bonus grade scrap at C&F US$ 410 per tonne, which was US$ 24 higher than previous month.