- Hyundai Steel raised bids for Japanese scrap by up to $61
- Japanese scrap export offers to go up for the third successive week
- Japan’s domestic scrap purchase price follow the uptrend in export
Japanese scrap export prices have risen sharply after CNY along with hike in bids from South Korean & Vietnam mills. Hyundai Steel has lifted its bid for Japanese scrap purchase price by up to JPY 6,500/t after a gap of around two weeks, SteelMint learned from its credible sources. The bid for H2 has now settled at JPY 40,500/t ($382) FoB level, up by JPY 5,500/t ($52) against last bid, which on 28th Jan’21. However, bids for higher grades have increased by JPY 6,500/t.
Japanese scrap export price rally continues: Japanese scrap export prices continued to move up for the third consecutive week on strong domestic and overseas demand. H2 scrap offers are heard around JPY 40,000-42,000/t FoB levels. Market participants believe that there is room for prices to go up further by JPY 2,000-3,000/t, once China’s imports begin after CNY holidays. SteelMint’s assessment for Japanese H2 scrap export stands at JPY 40,300/t FoB, up by JPY 800/t w-o-w.
Japanese bulk scrap offers for Vietnam surge further by $5-10: Japan’s ferrous scrap export offers to Vietnam and Bangladesh have moved up by a further $5-10/t, as compared to beginning of the week, sources have shared to SteelMint. Vietnam’s scrap market has resumed after the Tet holidays. Currently, offers for bulk Japanese H2 scrap are being quoted around $425-430/t CFR to Vietnam, up by $18-20 w-o-w.
Bangladesh mills book Japanese scrap at increased offers: Bangladesh-based major steel mills are heard to have booked Japanese bulk scrap cargo for Mar’21 shipment. One bulk cargo comprising 18,000t of H2 has been booked around $420-425/t CFR Chittagong. One more cargo of similar grade was booked around $430/t CFR.
Japan’s Kansai tender prices jump by $79 in Feb’21: Following the Kanto Tetsugen tender outcome, which was concluded mid of last week at higher-than-expected levels, Japan’s Kansai-Cheorwon scrap export tender was concluded at an average price of JPY 39,005/t ($368) FAS, early this week. The winning bid was awarded a total of 5,000 t of Japanese H2 and the bid price has moved up significantly by JPY 8,335/t ($79) as compared to JPY 30,670/t in the previous tender of Nov’20.
Notably, the tender was unsuccessful in Jan’21 as the offered bid price did not meet the desired price level, as per Steeldaily.
Tokyo Steel announced two price hikes this week: Japan’s leading EAF mill – Tokyo Steel has increased its scrap purchase price twice this week for all its plants by up to JPY 4,000/t ($38). The company is now paying JPY a similar level of JPY 39,000/t ($369) for H2 scrap for all its three works – Tahara, Utsunomiya, and Okayama plant, effective from today.
The purchase price of EAF in Kanto region has gradually increased and the price is now synchronising with the market levels.
Tokyo Steel’s scrap purchase prices 
Prices in JPY
Source: Tokyo Steel report
Leave a Reply