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Japan’s scrap export quotes to South Korea drop
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Recently, Japan’s H2 scrap export quotes to South Korea are at ￥32,000/ton FOB, decreasing by ￥500/ton.
In fact, Japan’s export quotes of H2 scrap to South Korea were at ￥33,000/ton FOB before the second week of May and the Japanese scrap suppliers previously expected the scrap export prices to South Korea might rise further.
However, as the scrap ex-factory prices in South Korea were at ￥32,500/ton FOB, making South Korean steelmakers look for lower scrap prices.
It’s said that the South Korean steel producers bade ￥32,500/ton FOB for the Japanese H2 scrap prices while the Japanese suppliers rejected the bid.
Nevertheless, Kansai Tetsugen’s export marked prices of H2 scrap were at ￥33,000/ton FOB on May 15th, lower than Kanto Tetsugen’s prices on May 10th. As a result, the South Korean steel makers started to reduce the purchase prices of the Japanese scrap.
Therefore, the Japanese scrap suppliers cut the export quotes of H2 scrap to South Korea to ￥32,000/ton FOB last week.
News Date
5/23/2012 9:09:51 AM
reported by
Nann Cheng
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