The Japanese export scrap market has bounced off the floor to record higher prices over the past week following an effort from suppliers to resist new sales, sources told Fastmarkets on Wednesday February 3.
Fastmarkets' price assessment for
steel scrap H2, export, fob main port Japan, was ?36,000-38,000 ($343-362) per tonne on Wednesday, up by ?1,500-3,000 per tonne from ?33,000-36,500 per tonne fob one week before.
The price assessment was based on offers heard at ?38,000 per tonne fob, while sources said that some suppliers may be willing to accept prices of ?36,000 per tonne fob. Bids were heard from South Korea at ?35,000 per tonne fob.
The higher fob H2 prices were heard after a rise in dockside prices, ending a continuous drop in Japanese prices over recent weeks.
Tokyo Bay prices were heard at ?33,000-34,000 per tonne fas on February 3, up from ?31,000 per tonne fas one week before.
"Offers from suppliers increased this...