Japanese ferrous scrap export price for East Asia increased for 2 consecutive weeks. A Japanese large dealer said Hyundai Steel, South Korean largest electric furnace steel maker, offered around FOB 20,000 yen per tonne for Japanese H2 grade scrap and around FOB 22,000 yen for HS. The offer price was 1,000 yen higher from previous week. The purchase price by domestic electric furnaces is 16,000-17,000 yen per tonne for H2, which keeps flat from last week. The export price is 2,000 yen higher than domestic price.

 

A large dealer said Japanese and American ferrous scrap prices are lower than other Asian countries and Hyundai Steel may keep purchasing of Japanese ferrous scrap until American ferrous scrap arrives at Korean ports which was contracted at CFI US$ 232 per tonne. On the other hand, domestic electric furnace steel makers haven't raised the purchase price when they continue wide-range output cut. –Japan Metal Bulletin