Japanese Scrap Export Offers Rebound
After rise in Japanese scrap export offers to Taiwan and Vietnam over the last week, now export offers to South Korean mills have also shot up recently, as Japanese scrap markets looks to strengthen.
As per recent reports, many Japanese suppliers have quoted H2 offers at JPY 25,000/MT FoB, which is a steep climb from the JPY 22,000/MT levels in mid-Feb '20. Meanwhile, buyers in South Korea have recently bid up to JPY 24,000/MT FoB.
After good buying for Japanese scrap observed to South Korean mills till mid-Feb at JPY 22,000/MT FoB for H2 price level, bookings dropped sharply in the last 2 weeks, as offers started to move up, on the other hand, sales to Taiwan have increased considerably.
Due to the recent global container disruption increasing freight time and cost from US suppliers, Taiwan steelmakers are preferring to import Japanese scrap, on more viability. This increased Taiwanese buying interest has contributed to the ongoing uptrend in Japanese Scrap, Japanese suppliers are getting bookings at USD 255/MT CFR Taiwan for H2, which translates to JPY 25,000/MT FoB Japan.
On the other hand, South Korean steelmakers, have not accepted the sharp rise in offers citing weakening Won currency and flat steel prices, with mills looking to reduce Japanese scrap imports to a certain extent.
source: SteelMint
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