TOKYO (Scrap Monster) : According to reports, the Japanese H2 scrap export prices climbed higher by nearly ¥ 500- ¥ 600 per ton, hitting the highest levels in four months.
The South Korean steelmaker Hyundai Steel is believed to have purchased H2 scrap from Japan at ¥ 33,800 per ton FOB recently. This is almost ¥ 500- ¥ 600 than the previous purchasing price.
Market sources indicate likelihood of Japanese H2 scrap prices moving higher as it still remains cheaper when compared with the offerings from the US. At present, the Japanese suppliers are offering H2 scrap at ¥ 34,000 to ¥ 34,500 per ton FOB to South Korean mills. Most suppliers are seen unwilling to sell H2 scrap at prices lower than ¥ 33,800 per ton FOB.
Hyundai Steel also had bought around 45,000 tons of H1 scrap from American Sims Metal Management Limited at a price of $377 per ton C&F.
The average price of Japanese H2 scrap increased during the second week of June. It was after almost two months that the average H2 scrap prices showed improvement. The prices had remained flat or had declined during almost two months prior to that.