Japanese Scrap Export Prices to South Korea Observe Decline

Imported scrap offers to South Korea for Japanese H2 scrap has tumbled again this week after a rebound in the closing of Feb'20. South Korean steelmakers and buyers bidding for Japanese H2 below then JPY 23,500/MT (USD 222) FoB, lower by around JPY 1000/MT (USD 9) against last week's indications.

Offers for H2 scrap were reported at above JPY 24,500/MT (USD 232) to South Korea towards Feb'20 end, however, this week prices seem to have come under pressure.

The gap between the suppliers' offers and the bids has increased against the last week. It is widely expected that offers for Japanese H2 may further decline due to the slow Japanese domestic market and the dull finish steel market trend in South Korea.

~ Inputs from Steel Daily