Higher Japan Ferrous Scrap Export Price

Japanese ferrous scrap export price increased to South Korean buyers. The price is FOB 34,000-34,500 yen per tonne for H2 grade for Hyundai Steel, according to Japanese sources. The price is 500-1,000 yen higher than previous week level.

Japanese scrap market price increases recently when Tokyo Steel Manufacturing increased the purchase price on Tuesday. The higher export price to East Asia lifts the domestic market while the domestic market was adjustment in early March.

A trading firm source said Asian buyers see Japanese scrap is cheaper than US scrap due to lower yen rate. However, a dealer said the export could be slow due to cost pressure when higher oil price pushes freight cost undermining the price advantage for Japanese scrap.