Japan Ferrous Scrap Export Price to Hit Bottom

Japanese ferrous scrap export price would be FOB 26,000 yen per tonne level for South Korean buyers. Worldwide market price decreased but Japanese export price is lower than US scrap and South Korean scrap. A dealer source said Japanese exporters and South Korean buyers would find bottom price.

Hyundai Steel ordered Japanese scrap at FOB 26,000 yen per tonne for H2 grade last week. South Korean buyers try to secure Japanese scrap when domestic scrap cost is more than 30,000 yen. Chinese and Taiwanese buyers increase interest in Japanese scrap.

US scrap exporters are expected to decrease the offer for East Asia when their export is slow for Turkey. The lower offer could impact on Japanese export price.