Japanese Ferrous Scrap Export Price Declines by 1,000 yen/T

Japanese ferrous scrap export price decreased by 1,000 yen per tonne to Eastern Asia from the peak. Hyundai Steel and other steel makers in South Korea booked at FOB 30,500-31,000 yen. The steel makers in South Korea cut the bid after the makers have purchased large amount scrap while Japanese export price increased earlier than domestic market price, according to a trade firm source.

Japanese ferrous scrap dealers have more than 600,000 tonnes of backlog to export to East Asia and the domestic price is lifted by higher export price, a dealer source said. Some Japanese electric arc furnace steel makers have increased the purchase price despite the bid price cut by steel makers in South Korea.

South Korean Steel makers plan to reduce scrap purchase price from domestic market. However, not all of the makers in South Korea have finished the procurement and scrap price could increase in China, according a to trade firm source.