Japan local market pushes export offers higher
Vietnam buyers increase bids
Chinese buyers in wait-and-see mode due to losses in futures
Offer prices for bulk cargoes of steel scrap from Japan rose again on Wednesday following the rise in October's Kanto Tetsugen auction, which closed on Tuesday.
Base-grade H2 was offered at ¥54,000-56,000 per tonne fob Japan on Wednesday, while Shindachi busheling in bulk was offered at ¥66,000-68,000 per tonne fob.
"Business is bad because although export prices are catching up, it is difficult to ship to the export market due to the high Japan local market," a Japanese trading source said. For example, deals for H2 in the local market are possible at above ¥54,000 per tonne delivered but no overseas buyers are able to accept this level yet, the source said.
Fastmarkets’ price assessment for steel scrap H2, export, fob main port Japan was ¥52,000-54,000 per...