Japanese steel scrap: prices up after deals with Vietnam, Taiwan and China
Japanese export scrap prices have continued to rise following new deals to Vietnam, Taiwan and China, market participants told Fastmarkets on Wednesday, March 3.
“There are more offers now and exporters think now is the right time to make money from their scrap stocks,” a Japanese scrap yard source said.
“The exchange rate is getting better, so it is cheaper to sell scrap from the Japanese market,” said a Japanese trader.
A weaker yen makes Japanese scrap more competitive in the mostly dollar-denominated scrap export market, Fastmarkets understands.
Demand holds up, steel scrap prices to China rise
Bulk steel scrap offer prices to China have continued to move upward in recent days, supported by price increases in the local Chinese scrap market, sources told Fastmarkets on Wednesday, March 3.
Bids for Japanese heavy scrap (HS), which is the same quality as plate and structural (P&S) scrap, were heard at $510-515 per tonne cfr China on Wednesday.
A Japanese trading house reportedly sold HS material at $500-515 per tonne cfr China in recent days, but Chinese mill and trading sources did not confirm the transactions at press time.
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