Japanese scrap suppliers continued to increase their scrap export prices to South Korea.
Japan’s scrap export price has moved up considerably by JPY 1000/MT (USD 9) in contrast with the previous deal concluded at JPY 23,000/MT over two weeks ago. Japanese suppliers were now reported to be demanding more than JPY 24,000 /MT (USD 223).
According to reports, Hyundai Steel has bid at JPY 23,000/MT (USD 214) but for just around 3000 MT of Japanese H2 scrap. In the last 4 weeks, improving demand for Japanese scrap in the overseas market.
SteelMint learned from the reports that imported scrap offers to Southeast Asian countries are increasing sharply, which is prompting the suppliers to raise prices to South Korea as well. Due to uncertainty about future prices and to secure the scrap supplies, sharp fluctuations in domestic and export prices could be expected.
In addition to the uptrend scrap prices, Japan’s Tokyo steel had recently increased its domestic scrap purchase price. According to domestic steelmakers, the increase in prices may just be short term hikes amid a widening the gap between domestic and export prices, as no significant improvement in the Japanese domestic steel market has yet been witnessed.
`Inputs from Steeldaily
Leave a Reply