Ferrous Scrap Export Market Price in Uptrend

Ferrous scrap export market price is gradually surging. Scrap importers in Turkey, Taiwan and South Korea are currently raising their purchasing prices. US and Japanese scrap exporters are increasing offer prices. Japanese trader source said US scrap exporters would offer CFR US$ 400 per tonne at least for HMS grade in new export contract negotiations while Japanese exporters are likely to set FOB 30,000 yen per tonne as the bottom line for H2 grade.

Current contract price is said at CFR US$ 400 (approximately 34,500 yen) for export from USA to Turkey. US composite price, the indicator for international ferrous scrap market, maintains strong trend. US major shippers show strong selling stances, offering around CFR US$ 410 against Chinese importers.

Japanese scrap export price to East Asia is also surging. South Korean steel makers recently turned to increase scrap import from Japan. Taiwanese steel makers are concluding Japanese ferrous scrap presently while South Korean steel makers’ contact volume was low in May-June. Another factor is price upsurge of US ferrous scrap.

Hyundai Steel concluded H2 import contact at around FOB 29,000-29,500 yen and Dongkuk Steel approved 30,000-30,500 yen in early August