The lack of export activity was particularly noticeable for higher grade Shindachi busheling and heavy scrap (HS) this week, with domestic steelmakers continuing to pay very competitive prices for the material, sources said.
On June 23, key scrap buyer Tokyo Steel said it would increase its purchase price for scrap
at its Okayama, Utsunomiya and Takamatsu steel works by ¥1,000 ($9) per tonne.
The rise in the local market prompted higher bids from South Korean steelmakers again on Wednesday, further boosting export market pricing.
Bids for Shindachi were heard at ¥56,000-57,000 ($505-514) per tonne fob Japan from South Korean mills earlier this week, but sources said that deals to Korea had been concluded privately at much higher levels.
One bid for Shindachi was then heard at ¥60,000 per tonne fob Japan from Korea in the middle of the week....