A deal for 3,000 tonnes of Shindachi, the prime scrap grade traded in Japan, was heard at $550 per tonne cfr China. The deal was believed to have been done on Tuesday.
There were mixed views about whether there was any price difference between Shindachi and heavy scrap (HS) in China, with some sources saying that they were at similar prices, while others said there was a difference of around $10 per tonne based on buying prices in the Japanese and South Korean markets.
Shindachi scrap incurs a 2% import duty in China, which HS does not, a Singaporean trader said.
“$550 per tonne is an extremely good price for buyers,” the trader told Fastmarkets.