JAPAN STEEL SCRAP: More export deals close at higher prices

Japanese export scrap prices have continued to increase following new deals to Vietnam, Taiwan and China, market participants told Fastmarkets on Wednesday March 3.

"More offers are available now and exporters think now is the right time to make money on their scrap stocks," a Japanese scrapyard source said.
"The exchange rate is getting better so it's more favorable to sell scrap from the Japan market," a Japanese trader said.
A weaker yen makes Japanese scrap more competitive in the mostly dollar-denominated export market for scrap, Fastmarkets understands.
The Japanese yen was trading at ?106.81 to $1 on March 3, up from ?105.73 to $1 a week before on February 24, according to Oanda.com.

A sale for the low-grade H2 scrap from Japan to Vietnam was heard at $460-465 per tonne cfr on Wednesday, but Fastmarkets understands that not all Vietnamese buyers would pay this price given the material sold was higher-quality material than the average...

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