Japanese Fe Scrap Export Price to Korea Reaches 32,500-33,000 y/t

Japanese ferrous scrap export contract price to South Korea reached FOB 32,500-33,000 yen per tonne for H2 grade, according to Japanese dealer sources. The export price had decreased by 1,000-1,500 yen to FOB 31,500-32,000 yen in late December compared with the recent peak level. The price rebounded when some of South Korean electric furnace steel makers moved to procure Japanese ferrous scrap before Chinese New Year due to rising American offer prices to East Asia.

U.S. shippers in the west coast currently offer CFR US$ 490 per tonne for HMS or No.1 grade against East Asian users, higher by US$ 40-50 than in December. U.S. composite price, which is the average of market prices in Pittsburg, Chicago and Philadelphia, surged by US$ 21.67 to US$ 432.5 in the second week of January from last week. The indicator upturned when U.S. export price to Turkey rose, major shippers aggressively purchase ferrous scrap and domestic steel makers raised their scrap purchasing prices.

Japanese scrap dealer points out Japanese ferrous scrap export price is presently cheaper than U.S. price and South Korean middle class steel makers are expected to increase the purchase volume from Japan.

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