Japan Ferrous Scrap Export Price May Increase for South Korea

Ferrous scrap export market price is unchanged in East Asia due to slower transaction for South Korea. US scrap exporters offer around CFR US$ 470 per tonne for South Korea while South Korean steel makers try to book scrap at around CFR US$ 460. Japanese dealer source sees South Korean makers would increase Japanese scrap purchase price when the price is lower than US scrap price under domestic price increase in Japan.

Japanese ferrous scrap export price is around FOB 34,000 yen per tonne for mid-sized electric furnace steel makers in South Korea. The exporters expect major steel makers including Hyundai Steel could increase scrap purchase price when Japanese export price reached around FOB 34,500 yen for China.

Japanese domestic ferrous scrap price increased for the first time in around a month when scrap exporters increased purchase price to secure scrap for export shipping and Tokyo Steel Manufacturing increased the scrap purchase price.