Japanese FOB scrap sees support, rangebound after early-week dip

摘要

Singapore—The Japanese export market for ferrous scrap saw prices dipping but then recovering in the week ending March 31, as sellers began to hold back or raise CFR offers on stronger steel market signals, sources said. S&P Global Platts assessed the Japanese H2 FOB Tokyo Bay spot price at Yen 41,000/mt ($370/mt), unchanged on the week. More than 20,000 mt worth of H2 cargoes were concluded at Yen 40,000/mt on an FOB basis March 26 and March 30 to South Korea, though with the latter dated deal seeing only 2,000 mt as sellers begun tightening volumes on expectations of higher prices.