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                    Your Position:Home>News>industry>Japanese ferrous scrap higher, bulk HMS scrap quiet in East Asia

                    Japanese ferrous scrap higher, bulk HMS scrap quiet in East Asia

                    Time:2016-03-03 Click:3497
                    Japanese ferrous scrap export prices rose during the past week on a stronger buying appetite from Korean mills, trading sources in Japan said Wednesday. 

                    South Korean mills raised bid prices for Japanese ferrous scrap to secure more scrap, and deals were concluded at higher prices compared to a week ago. 

                    Platts assessed its weekly H2 ferrous scrap price at Yen 16,500-16,800 mt ($144-$147/mt) FOB Tokyo Bay Wednesday, up from last week's price assessment of Yen 16,200/mt FOB. 

                    This week's implied mid-point of Yen 16,650/mt was Yen 450 higher on the week. 

                    South Korea's Dongkuk Steel Mill was heard to have purchased around 5,000 mt of Japanese H2 scrap at Yen 16,200/mt FOB on February 23. But the company started negotiating with Japanese traders for H2 material at Yen 16,500/mt FOB late last week. 

                    "We understand Dongkuk secured around 5,000 mt of scrap at Yen 16,200/mt FOB and this was not enough for the company," a Tokyo-based scrap trader said. So it has lifted its bids to get more scrap to meet its needs, he added. 

                    South Korea's Hyundai Steel also purchased 20,000 mt or more of H2 material at Yen 16,500/mt FOB late last week. For volume over 4,000 mt, it paid a premium of Yen 300/mt and for over 6,000 mt, an additional Yen 500 mt. 

                    Hyundai was in the process of accumulating Japanese scrap in a new tender which would close Wednesday. "We believe Hyundai's new bid will be at the same level with last week's," another Tokyo-based trader said. 

                    Japanese traders are currently aiming to sell Japanese H2 at the minimum of Yen 17,500/mt FOB, up Yen 500/mt from last week. 

                    While some traders are offering H2 at around Yen 18,000/mt FOB on tight export supply, traders said these offers found no takers because Japanese scrap prices were less competitive than scrap from other sources. 

                    In Japan, traders continue to collect scrap aggressively for loading on vessels for export and they are currently paying Yen 16,000/mt free alongside ship (FAS), up Yen 500-1,000/mt from last week. 

                    Some traders are even willing to pay Yen 16,500/mt FAS as they need material urgently, trading sources said. 

                    Tokyo Steel Manufacturing, Japan's leading mini-mill is currently paying Yen 16,500/mt for H2 material to be trucked to its Utsunomiya steel works, north of Tokyo. 

                    Meanwhile, the import market for bulk ferrous heavy melting scrap was quiet for the second consecutive week, regional trading sources said Wednesday. 

                    Traders spoke of suppliers withdrawing scrap offers to the region as there were better paying markets elsewhere including Turkey and India. 

                    Platts assessed East Asian bulk HMS I/II 80:20 scrap on Wednesday at $179-$185/mt CFR, unchanged from the week before. The implied midpoint is $182/mt. 

                    Traders said HMS scrap prices have risen strongly in Turkey and India, but regional importers are not ready to accept a higher price concluded in recent deals. 

                    During second half February, bookings were made at $179/mt CFR South Korea for HMS I scrap and $185/mt CFR in Southeast Asia for bulk HMS I/II 80:20 scrap. 

                    Bulk HMS I would no longer be available at $179 because prices are higher elsewhere, a Taipei-based trader said. He said he did not know where tradable prices were now, but noted scrap suppliers were holding back on offers to the region and finished steel prices have also strengthened. 

                    South Korean trading sources said there were no further bookings of US bulk scrap after the deals at $179/mt CFR for HMS I in the February 15 week. 

                    They reported one cargo for Russian A3 grade scrap was ordered last week at $172/mt CFR South Korea last week. 

                    Deals for bulk HMS scrap from Australia were concluded at $185/mt CFR in the second half February to Southeast Asia including Thailand. 

                    In Vietnam, offers for bulk ferrous scrap were about $195/mt CFR 80:20 basis. "But I do not hear of any sales done yet," a Hanoi-based trader said. 

                    "I think they would pay $185/mt CFR this week for 80:20 in bulk," a trader in Ho Chi Minh City said.
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