Prices for bulk cargoes of ferrous scrap exported from Japan rose over the week to Wednesday May 27 amid solid export demand and stronger domestic markets, sources have told Fastmarkets.
Fastmarkets' price assessment for
steel scrap H2, export, fob main port Japan rose to ?23,500-24,000 ($218-222) per tonne on Wednesday May 27, up ?1,000 per tonne week on week.
Small quantities of H2 were heard sold to South Korea at ?23,500, while bids from Taiwan worked out at around ?23,300 per tonne fob and offers from most sellers were at around ?24,000 per tonne fob and above.
Rising export scrap prices in recent weeks have made it difficult for local steelmakers to procure scrap, which prompted major
electric arc furnace (EAF) buyer Tokyo Steel to raise its buy prices by ?1,500-2,000 per tonne over the past week.