The Japanese ferrous scrap market continued to fall over the past seven days, with Fastmarkets’ price assessment for steel scrap H2, export, fob main port Japan
, dropping to ¥19,000-19,500 ($174-179) per tonne on Wednesday April 8, down by ¥1,000 per tonne week on week.
South Korea has purchased cargoes of H2 at both ¥19,000 and ¥19,500 per tonne fob over the past week, although no deals to any other destinations were heard. Buyers in Taiwan, Vietnam and Bangladesh were watching the market before committing to further bookings.
Despite deals being concluded for H2, Japanese exporters told Fastmarkets over the past two days that they had rejected the opportunity to close deals at similar prices, given the reduced scrap collection in Japan and a bullish international scrap market that has...