Japan Ferrous Scrap Export Slows for South Korea

Japanese ferrous scrap export transaction slows for South Korea. The price is around FOB 35,000 yen per tonne for H2 grade for Hyundai Steel, which is same level as last week, Japanese trading firm source said. The price is FOB 41,000-41,500 yen for new cutting grade.

Hyundai Steel recently booked Russian ferrous scrap at CFR US$ 470-473 or 37,700-37,900 yen per tonne for A3 grade, which is similar to No.1 heavy grade in USA. Japanese trading firm source sees Hyundai Steel booked Russian scrap to reduce the purchase price from Japan and USA while US West Coast exporters’ offer price is high at US$ 480-490.

Tokyo Steel Manufacturing increased ferrous scrap purchase price by 500-1,000 yen per tonne for all plants excluding Utsunomiya plant on Thursday. Japanese scrap exporters would increase the offer price for South Korea this week. However, the trading firm source sees the exporters couldn’t get new order from South Korean buyers if South Korean steel makers increase the purchase from Russia and Europe.