Japanese ferrous scrap export price increased sharply for the first time in 3 months. The ferrous scrap export bid in shipping March by Kanto Tetsugen Kyodo Kumiai, the scrap dealer association in Tokyo, on Thursday rose to 24,490 yen per tonne for FAS for H2 by 3,155 yen per tonne or 14.8% over the previous month. The amount of the closing bid was at total 20,000 tonnes. Asian steel makers started purchasing Japanese scrap on very short notice because the purchase from Russia becomes hard by Arctic cold wave. The amount of the proposal tender achieved the record-high to 145,000 tonnes. The average contact price of the association rose to 22,339 yen per tonne by 14 yen per tonne over the previous month in shipping December. It was at 21,925 yen per tonne in shipping January; it was 21,335 yen per tonne in shipping February. The electric furnace steel makers had reduced the purchase price of the scrap with 500 yen per tonne following these trends. The contract price in shipping March rose by Arctic cold wave in Russia. Japan, the U.S. and Russia are the export country of the scrap. Against arctic cold wave, the steel makers in Asia shifted the purchase to Japan and the U.S. from Russia. Especially, they want Japanese scrap which is cheaper.
Japan Steel Scrap Composite Prices (Sangyo Press)12/01/2022
|46600YEN (-200)||47800YEN (-100)|
|337.46US$ (2.86)||346.15US$ (3.69)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)