JAPAN STEEL SCRAP: Sellers' market sparks price surge

The Asian ferrous scrap market has been turning increasingly in sellers’ favor and this has caused a price surge in Japan, market participants told Fastmarkets on Wednesday November 25.

Japanese scrapyards have sold cargoes of H2-grade scrap at ¥32,500-33,000 ($311-316) per tonne fob in the past week, with offers heard at ¥32,500-33,000 per tonne fob.
Vietnamese buyers had received offers at $345-350 per tonne cfr Vietnam for Japanese H2 cargoes early in the week, but offers rose to $350-355 per tonne cfr Vietnam by Wednesday, when bids were heard at $350 per tonne cfr Vietnam.
“Demand for steel scrap cargoes is very strong now, with many buyers seeking sources,” a scrap trader in Singapore said on Wednesday.

Global ferrous scrap supply has become increasingly limited due to the reduction in material volumes from the United States, as well as the...


Paul Lim

November 26, 2020

14:25 GMT