Fastmarkets’ price assessment for steel scrap H2 export, fob main port Japan
, settled at ¥22,500-23,000 ($215-220) per tonne on Wednesday, down by ¥500-800 per tonne week on week from ¥23,300-23,500 per tonne.
Japanese sellers have been aggressive in their scrap sales over recent weeks while their domestic market deteriorated
, but the rise in the yen has made Japanese scrap more costly on a US dollar basis, and has made it difficult to close deals.
The yen was trading at ¥104.41 to $1 on March 11, according to Oanda.com, up by around 5.3% compared with two months earlier.
“The Japanese yen-US dollar rate is making scrap too expensive for mills in Asian countries, so Japanese scrap sellers are facing a drop in demand from Asian buyers,” one South Korean mill source told Fastmarkets.
One major Japanese exporter source said that a Korean mill would...