JAPAN STEEL SCRAP: Export prices rise again but mill shutdowns loom

Export prices for bulk cargoes of Japanese scrap extended their upward movement for a fourth week ahead of an extended holiday period, market sources told Fastmarkets in recent days.

Japanese scrap sellers continued to sell cargoes to Vietnam, Taiwan and South Korea over the past week, while negotiations were also taking place involving buyers in Bangladesh following increased demand in the South Asian country.
Fastmarkets' price assessment for steel scrap H2, export, fob main port Japan was ?25,500 ($241) per tonne on Wednesday August 5, narrowing upward by ?500 per tonne from ?25,000-25,500 per tonne a week earlier.
Offers for H2 scrap were heard at ?25,500-26,000 per tonne fob over the week, while bids were heard at ?25,000 per tonne fob.
Bids for higher-grade H1:H2 (50:50) scrap were heard at $287 per tonne cfr from Bangladesh and at $260-265 per tonne cfr from Taiwan.

Adding to the upward movement in the markets was the decision by key scrap buyer Tokyo Steel to raise its purchase...

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