Japan Ferrous Scrap Price Shows Sign to Peak

Japanese ferrous scrap export price enter adjustment phase. The contracted export price from Tokyo bay is FOB 37,000-37,500 yen per tonne for H2 grade in recently. South Korean makers were quiet down to purchase Japanese ferrous scrap. Moreover, overseas ferrous scrap price is decreasing.The export price had increased from November 2006 with the increased purchased prices by Tokyo Steel Manufacturing and Hyundai Steel.However, Hyundai Steel decreased Japanese ferrous scrap purchase tender price in last Wednesday in 3 months. The firm reduced the offer price by 500 yen to FOB 37,000 yen per tonne in Wednesday. South Korean electric furnace makers contracted import ferrous scrap from USA or Russia. South Korean ferrous scrap market price is decreasing. Ferrous scrap composite price in USA which is international index, is decreasing from first week in April Japanese ferrous scrap export price increased slightly to FAS 36,260 yen per tonne for H2 grade for the shipment in May in export tender held by Kanto Tetsugen on Wednesday influence of decreased ferrous scrap price in USA and South Korea.