ASIA STEEL SCRAP DIGEST: Japan domestic market continues to support prices

Robust domestic prices in the Japanese steel scrap market were keeping prices for material from the East Asian country strong despite tepid demand from major importers, sources told Fastmarkets on Tuesday August 17.

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Japan
Continued robust demand in Japan's local market meant that overseas buyers were struggling to obtain Japanese material at lower prices, sources told Fastmarkets.
Sources said that the price for H2-grade scrap in the Kanto market remained at ?47,500 ($434) per tonne fas on August 17, unchanged from one week ago. Major buyer Tokyo Steel has also kept its official buy prices constant since they were reduced on August 7.

"Japanese rebar is still sustainable at $800 per tonne, so there is no need to reduce scrap prices," a Singaporean trader said, adding that current scrap prices meant that mills in Japan were getting...

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