Japanese scrap exporters have become active in Indian and Bangladesh market owing to falling domestic prices and lower export bookings from Korea. Japanese ferrous scrap prices have continued decreasing this week, with offers falling to Yen 24,500/MT ($220) FOB Japan.
According to sources, Japanese traders have concluded couple of bulk deals with Indian buyers this week at below USD 300/MT CFR India for mixed cargo. Indian buyers have already booked about 4-5 bulk vessels from US last month.
On the similar lines, Bangladesh based buyers claimed to have Japanese bulk scrap offers at below USD 300/MT CFR Chittagong. Notably US and Europe shredded offers are over USD 305-310/MT CFR Chittagong (in Bulk).
Japan is the third largest scrap exporter in the world, with an annual volume of 8.5 MnT. Korea is the largest importer of Japanese scrap imported around 1 MnT in CY’17(Jan-Mar’17), followed by China (0.49 MnT), Vietnam (0.36 MnT), Taiwan (0.10 MnT), Bangladesh (0.05 MnT) and Indonesia (0.01 MnT).
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