MetalBiz reported that in the past few months, Japan's steel operation rate is increased, the scrap demand climbing and Japan is short of scrap to other countries in Asia and hence, Asian steel mills have to turn to seek for more scrap in American market.
Traders said that last week that China bought 7 ships' scrap, equal to 250,000 to 300,000 tonnes and the prices of number 1 heavy melting scrap and shredder scrap are USD 325 to USD 335 per tonne. Due to the excessive demand in China market, China's buyers also place an order from the east coast of the states.
Some traders expected that the US scrap price will rise by USD 10 to USD 20 per tonne, if the steel mills hope to buy before the adjustment; they had better buy scrap in the following week or within next two weeks.
But for US exporters, the demands from Turkey and the eastern Mediterranean region are still sluggish. This week, US exports shredder scrap to Turkey at USD 300 per tonne, number 1 and number 2 mixed heavy scrap for USD 295 per tonne CFR.
As some Turkish steel plants want to purchase the scrap for September delivery before the Ramadan, European scrap suppliers bring up the scrap export price to turkey, number 1 and number 2 mixed scrap for USD 290 to USD 295 per tonne CFR, higher by USD 10 than the previous price, the shredder scrap for USD 300 per tonne CFR.