Japanese FOB scrap pushes higher on post-Lunar New Year demand

摘要

Singapore—Japanese seaborne scrap prices trended higher for a fifth consecutive week, as post-Lunar New Year demand continued to support the bullish expectations of sellers, sources said. S&P Global Platts assessed the Japanese H2 FOB Tokyo Bay spot price at Yen 44,900/mt ($420/mt) March 3, surging Yen 2,400/mt on the week. Deals for H2 cargoes have seen cargoes concluded at incrementally higher levels since March 1, with Vietnam leading the volume of purchases. Deals were concluded ranging over $450-$458/ mt CFR during the earlier half of the week, while bids eventually edged even higher to $460/mt CFR Vietnam March 3.