JMB reported that Japanese ferrous scrap export price is expected to hit bottom soon for East Asia market.
As per report, South Korean steel makers increase the demand to Japanese scrap under higher US scrap price while Japanese steel makers reduce the scrap purchase price.
Japanese scrap export price decreased to JPY 29,500 per tonne FOB for H2 grade in the week while Japanese exporters reject the lower price.
A trading firm source expects offshore makers could increase the bid for Japanese scrap next week.