U.S. Ferrous Scrap Export Price Reaches US$ 400 to East Asia

U.S. ferrous scrap export price reached CFR US$ 400 per tonne for new contracts to East Asia. The price is CFR US$ 405 for HMS or no.1 grade to Taiwan, according to Japanese large dealer source. Taiwanese importers and U.S. shippers had continued the price negotiation at US$ 390-400. U.S. shippers show strong selling stances when Turkish steel makers bought a large amount of U.S. ferrous scrap, said the source.

Taiwanese steel makers are also purchasing getting Japanese ferrous scrap. The current contract was around CFR US$ 397 per tonne for H2 grade. Japanese ferrous scrap market price is regarded to hit bottom due to rebounding export price. Japanese scrap dealer said ferrous scrap export price to Taiwan is higher than the price to South Korea, and it is point whether South Korean steel makers raise offer price to the level as high as Taiwanese steel makers’ price.