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Japan: Scrap export offers rangebound after touching 3-month high

Japanese scrap export offers have fallen over the week because market participants are only floating modest buying enquiries. SteelMint’s assessment for Japanes...

Melting Scrap

BigMint Bureau

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30 Dec 2022, 18:23 IST

Japan: Scrap export offers rangebound after touching 3-month high

Japanese scrap export offers have fallen over the week because market participants are only floating modest buying enquiries. SteelMint's assessment for Japanese H2 scrap export prices stands at JPY 49,500-50,000/t ($375-379/t) FOB, down by JPY 1,000/t ($8/t)w-o-w. Prices are hovering around 50,000/t.

The Japanese currency has appreciated, trading at 131.8 in the currency exchange market.

Bid prices fall after 3 weeks: South Korean steel major, Hyundai Steel, decreased import prices by JPY 1,000/t($8/t) w-o-w, reducing prices after three weeks. The company's bids for Japanese H2 scrap stand at JPY 49,000/t ($369/t), while for HS it is JP 53,000/t ($399/t) FOB on 27 Dec'22.

South Korea's Hyundai possibly bought 23,000t of H2 at JPY 49,000/t on 27 Dec for the February shipment. The price was JPY 1,000/t lower than its last tender a week earlier.

Vietnamese mill inactive during holiday: Trade activities in the Vietnamese import scrap market slowed due to holidays. Prices for overseas material went up further, and those for local scrap inched up but remained mostly attractive. Local mills focused on domestic scrap at more competitive prices and lower risk. Indicative offers for bulk H2 were around $400-410/t CFR levels,(up by $5-10/t)from Monday.

Bangladesh extends silence: The imported scrap market remained largely inactive due to the liquidity crunch and LC opening restrictions. However, buyers were heard to have booked some quantities in containers from Brazil. Indicative offers for Japanese H2 were heard at $425-430/t.

Tokyo Steel bid prices unchanged w-o-w: Tokyo Steel last increased its scrap bidding prices on 14 Dec, current bid prices for Tokyo Steel for its Tahara & Utsunomiya plant stayed at JPY 49,000/t ($356/t), the company increased its prices on 14 December, and since then no revision has been reported.