Japan Ferrous Scrap Export Price Declines to South Korea

South Korean steel makers reduce the bid price for the ferrous scrap import from Japan. The import price continues declining and the volume would decrease when the ferrous scrap price would decline more in Japan and USA and won exchange rate decreased against yen, according to a trade firm source.

The Japanese ferrous scrap export price declined by 4,000-5,000 yen to around FOB 34,000 yen per tonne for H2 grade to South Korea compared with the peak in April. However, the steel makers in South Korea reduced the bid to around FOB 33,000 yen.

The ferrous scrap shipping price from Tokyo bay is FAS 33,000-34,000 yen per tonne for H2 grade. However, some dealers stop buying scrap from the market. A trading firm source said with lower domestic price and looser local supply, Tokyo Steel Manufacturing would reduce the scrap purchase price more.

The ferrous scrap export price from USA to East Asia decreases. The price decreased by around US$ 50 to around CFR US$ 375 per tonne for the mixture of 80% of No.1 heavy melting scrap and 20% of No.2 grade with container shipping to Taiwan.