JAPAN STEEL SCRAP: New deals drag up export prices

Fresh deals to South Korea and Taiwan have raised Japanese export scrap prices over recent days, market participants told Fastmarkets on Wednesday February 24.

Bullish sentiment in the market was underpinned by major Japan steel scrap buyer Tokyo Steel raising its buy prices by ¥500 per tonne across all factories on Wednesday. The price hike, the second this week of its kind, means the steelmaker will now pay ¥40,000 ($380) per tonne for H2 at its Utsunomiya works.
Japanese H1:H2 (50:50) was heard sold at $435 per tonne cfr Taiwan at the start of the week, but sales prices had moved up to $440 per tonne cfr by Wednesday, with rumors of deals done even higher.

Sources said that meant the tradeable range for the inferior H2 grade had moved up to ¥43,000 per tonne fob by Wednesday, with most offers at...


Lee Allen

February 24, 2021

13:10 GMT