Japanese scrap suppliers raise offer for China by $20

Japanese scrap offers have climbed further by $20 before the Golden week holidays and offers have increased to $520/t CFR levels. Trades of around 3,000 t have been concluded recently at $505/t CFR basis for Japanese HRS 101-grade scrap. However, Chinese mills are yet to raise their bids for Japanese scrap to the tune of quoted offers. China imported 38,602 t of ferrous scrap in Q1 CY’21 registering an exponential rise on y-o-y basis. The majority of the scrap imports in Q1 CY’21, was from Japan with a share of 62% of total imports