“The supply side is stopping new offers and they feel the market will not decrease anymore,” a Japanese steel scrap trader said.
A second trading source added: “The Japanese domestic scrap market has weakened, but maybe now prices have hit the bottom.”
Fastmarkets’ price assessment for steel scrap H2, export, fob main port Japan
was ¥40,000-41,000 ($368-377) per tonne on Wednesday, down ¥1,000 per tonne from ¥41,000-42,000 per tonne a week earlier.
Sources said that offers came in at ¥41,000-42,000 per tonne fob, unchanged week on week, while bids from South Korea dropped to ¥39,000 per tonne fob.
Key Japanese scrap buyer Tokyo Steel has made seven price reductions in March 2020, with the most recent...