Japan Ferrous Scrap Export Price Rises

Japanese ferrous scrap export price increased more. The price increased by 800-1,000 yen per tonne at successful bid for import tender by Hyundai Steel on Wednesday. The price exceeded tender price by Kanto Tetsugen on Tuesday 0though Hyundai Steel failed to contract in previous tender on September 6. Hyundai Steel offered FOB 27,500 yen per tonne for H2, 30,500 yen for HS and 30,700 yen for new cutting scrap, which were same level as contract prices at the end of August, to Japanese exporters last week. However, Japanese scrap shipping price increased after Utsunomiya plant of Tokyo Steel Manufacturing and other electric furnace steel makers around Tokyo increased the purchase prices. The Hyundai Steel failed to contract through the tender last week when Japanese exporters sought FOB 28,000 yen. Hyundai Steel increased the offer by 1,000 yen to FOB 28,500 yen per tonne for H2 and 31,300 yen for HS and by 1,100 yen to 31,800 yen for new cutting scrap this week. Japanese scrap export price is expected to keep firm when scrap shipping price increases in USA and Russia. Japanese scrap export offer price could increase if the domestic market price would increase more. However, a trading firm source said South Korean steel makers wouldn’t purchase Japanese scrap at higher price than now.