Japanese ferrous scrap export price for South Korea is continuously surging. The latest contract price increased by 700 yen to around FOB 32,500 yen per tonne from last week, according to Japanese large trader. Japanese exporters are raising offer prices against South Korean importers when domestic ferrous scrap market price is increasing. Scrap dealers around Tokyo Bay are raising their purchasing prices to meet export shipment quota. One dealer source points out weaker yen rate also seems to stimulate the export.American ferrous scrap export price for South Korea was around CFR US$ 450 (approximately 35,800 yen) per tonne for HMS grade in early February. New export contracts seem inactive between U.S. exporters and South Korean importers after early February. South Korean steel makers are presently shifting to procurement of Japanese ferrous scrap while American ferrous scrap export price is rising to Taiwan or Southeast Asia. South Korean steel makers have bought ferrous scrap mainly from Japan and the U.S.A. while recently increased the procurement from Russia. Japanese scrap dealer indicated South Korean steel makers are increasing scrap purchase from Japan when Russian shipment slowed down in winter.
Japan Steel Scrap Composite Prices (Sangyo Press)03/30/2023
|52800YEN (-)||54000YEN (-)|
|395.36US$ (-3.79)||404.34US$ (-3.88)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)
- JMB Tieup company
- The Korea Metal Journal
- Steel on the net