The majority of scrap exporters from Japan have been out of the market this week due to the holidays, while only some traders have still been offering material at high prices. Sentiment in the market is still positive as market participants expect higher price levels in the Kanto Tetsugen export tender next week. However, it is questionable whether prices in the export market can increase much further.
Offers H2 scrap has remained at JPY 26,000-26,500/mt ($244-248/mt) FOB and the tradable value has remained at JPY 25,500/mt ($239/mt) FOB amid a lack of trades.
Prices for H1/2 50:50 from Japan to Taiwan have increased by $5/mt to $280-285/mt CFR, with no success yet.
In Vietnam, offers for H2 have been heard at $285-290/mt CFR, up $5/mt from last week. Negotiations have been heard at $280/mt CFR South Vietnam and slightly above this week, but no new deals have been reported so far. Last week, a contract was signed at $275/mt CFR.
