JAPAN STEEL SCRAP: Suppliers stop heavy scrap discounts; prices leap

Japanese suppliers have stopped giving discounts for heavy scrap to buyers in South Korea and Taiwan over the last week, and have raised their export prices, market sources told Fastmarkets.

Demand among buyers in Vietnam remained solid while prices were also boosted by the return of Taiwanese consumers to the market for Japanese scrap following a fall in the supply of United States-origin containerized scrap.
Domestic scrap prices in Japan have also been boosted by major electric-arc furnace (EAF) operator Tokyo Steel raising its purchase prices by ?1,500 ($14) per tonne month on month at selected works. From October 23, the steelmaker will pay ?27,000 per tonne for H2 scrap at its Okayama works.
Fastmarkets' price assessment for steel scrap H2, export, fob main port Japan was ?28,000-28,500 per tonne on Wednesday October 21, up by ?1,500-2,000 per tonne from ?26,500 per tonne a week earlier.

H2 scrap was offered at ?28,000-29,000 per tonne fob over the last week, while bids from South Korea and Taiwan were heard at ?27,000-28,000 per tonne fob....

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