Slow Japan Ferrous Scrap Deal with South Korea

Japanese ferrous scrap export transaction is slow for South Korean buyers. The export price is around FOB 34,500 yen per tonne for Hyundai Steel, which is 300 yen lower than late July but the maker indicates additional 300 yen depending on the contract volume, according to Japanese trader source.

South Korean buyers are reluctant to get high priced Japanese scrap under higher yen rate while US scrap export price increases from July. Japanese traders sees Japanese scrap export depends on the yen rate.

Tokyo Steel Manufacturing reduced the scrap purchase price except for Utsunomiya plant on August 3. The domestic scrap price is in adjustment. The export price is around FAS 34,000 yen per tonne from Tokyo bay. A dealer source said Hyundai Steel wouldn’t buy Japanese scrap at current price level around Tokyo but the firm could purchase scrap from Japan Sea coastal areas.