JAPAN STEEL SCRAP: Strong demand from S Korea, local market keeps prices rising

Prices for steel scrap cargoes exported from Japan rose again during the week to Wednesday May 19 amid a healthy appetite from both South Korea and domestic buyers, market participants told Fastmarkets.

The sharp decline in Chinese ferrous futures and spot market prices this week has done nothing to stop the rise of the Japan scrap market, with a further increase in offer prices recorded across all grades.
Buyers in South Korea made the largest splash in the market over the past week - with one large producer purchasing H2 scrap in bulk at ?50,000 ($459) per tonne fob Japan late last week, while a second major mill bought shredded scrap at ?55,000 per tonne fob and heavy scrap (HS) at ?55,500-56,000 per tonne fob.

Demand for import scrap is being bolstered by "very strong demand" for certain grades of steel in South Korea, a Korean mill source told Fastmarkets. The country has also continued to import rebar from Japan in...

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