JAPAN STEEL SCRAP: Offer prices rise amid tighter supply, bullish auction price

Export prices for Japanese steel scrap are showing clear signs of increasing again amid low supply following weeks of declines, market sources told Fastmarkets.

Fastmarkets' price assessment for steel scrap H2, export, fob main port Japan was ?22,500-23,000 ($209-214) per tonne on Wednesday July 8, down by ?500 per tonne week on week.
Buying activity has been muted in recent weeks, with market participants cautious to enter the market given their expectations for further price decreases. But with market conditions firming over the past week, more consumers opted to start purchasing more material.

A deal for 10,000 tonnes of Japanese H2 was heard bought by a Korean steelmaker at ?22,500 per tonne fob late last week. Another Korean mill bought a cargo at the same price, market sources said.
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