Japanese H2 grade ferrous scrap export prices have increased to Yen 26,500/MT FOB against Yen 26,000-26,500/MT FOB in the mid of Jun’17. and the local traders were paying around Yen 25,500-26,000/MT FAS to collect H2 material to be exported from eastern Japan.
In third week of Jun’17, Japanese scrap export prices rose sharply along with the higher bids from South Korean mills. South Korean steel maker – Hyundai Steel hiked bid prices for Japanese H2 scrap by Yen 2,000/MT to Yen 26,000/MT FoB from the previous week’s bid at Yen 24,000/MT.
As per sources, many Japan based mini-mills will have summer shutdowns in July and August. Participants believe that Japanese scrap prices might have reached the peak and are anticipating that Supply-demand of scrap will soften in the upcoming days.
Early this month, one Vietnam based steel mill booked H2 scrap at USD 273/MT CFR Vietnam, up slightly USD 270-272/MT CFR last week of Jun’17.
Market awaits Kanto Tetsugen export tender for Jul’17 : Japan’s Kanto Tetsugen ferrous scrap (H2) monthly tender for Jun’17 fetched bid higher by USD 7/MT (Japanese Yen 790). As per sources, the average bid price in Jun’17 tender was at USD 232 (Japanese Yen 25,525) FAS higher by USD 7 (Japanese Yen 790) against the previous month’s tender conducted in May’17. Buyers & suppliers are waiting for Kanto Tetsugen tender for this month on 11 Jul’17.
Leave a Reply