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According to foreign reports, the export market of Japan's No. 2 heavy scrap has further weakened due to the decline in the purchasing power of scrap in South Korea and the recent suspension of scrap import agreements in China and Taiwan. In addition, the depreciation of the Japanese yen against the US dollar is also one of the main factors for the decline in the export price of No. 2 heavy scrap in Japan.
Last week, China Baosteel Group Corporation purchased 2-3 million tons of heavy scrap steel from Japan at a price of 196-197 US dollars / ton (FOB); China's Taiwan imported 2 heavy scrap from Japan was 226-228 US dollars /T (C&F), No. 1 heavy scrap is US$246/tonne (C&F); South Korea's Incheon Steel Company imports about 6,000 tons of mixed heavy steel No. 1 and No. 2 from Japan at a price of 21,000 yen/ton (FOB), No. 2 Heavy scrap prices are estimated at 20,000-20300 yen/ton (FOB).
It is reported that Posco Steel Corporation has carried out import tenders for importing high-quality structural scrap and new-produced scrap from Japan on May 26. The results have not yet been announced, and the company’s bidding price for two types of scrap imports last month was 32,500 days. Yuan/ton (CIF).
It is said that Tokyo Steel Co., Ltd., the largest electric furnace steel manufacturer in Japan, has claimed that the domestic sales prices of various steel products have been greatly reduced in June. It is widely expected by the industry that this will inevitably affect local scrap prices, which will definitely further decline, and will also lead to weak export market for heavy scrap 2.
Falling Asian steel prices will lead to a further decline in scrap prices
The downward adjustment of Japanese steel prices is a strong signal that the Asian steel market and the international synchronization have begun to enter the downtrend channel. The decline in steel prices will inevitably lead to a further decline in scrap prices.