Japanese ferrous scrap market price stagnates in Tokyo and Osaka when the price keeps the level for 2 weeks. The positive sign is recovering market price in Asia while the domestic market is uncertain with potential drop for steel price and major raw steel production cut.
The scrap export offer price for East Asia is 2,000-3,000 yen per tonne higher for H2 grade than the domestic price. The export price could support the domestic price. The offshore buyers’ bid is more than FOB 18,000 yen per tonne for H2 from South Korea and around 19,500 yen from China. South Korean buyers try to secure scrap from Japan and USA and some buyers purchased US scrap at CFR US$ 232 per tonne for No.1 heavy scrap. Electric furnace steel makers around Tokyo pay 15,500-17,000 yen per tonne for H2 grade scrap. The price is around 1,000 yen lower than FAS shipping price from Tokyo bay while the local scrap consumption is very low under major production cut by local makers. Electric furnace steel makers around Osaka pay 16,000-17,000 yen per tonne for H2 grade scrap. Joint export price hit FAS 18,050 yen from Osaka bay, which is higher than purchase price by local steel makers.Japan Steel Scrap Composite Prices (Sangyo Press)
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