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US scrap prices expected to soar on Japanese price hike

Tokyo Steel announced to hike the scrap prices by JPY 2,000 per tonne on April 15th 2011. Traders pointed out that the price hike might cause South Korea’s buyers turn to purchase from the US.

Trader said that though Tokyo Steel’s current price hike was boosted by the stockpile for the long vacation in May 2011, it have led its scrap export prices to soar as well.

It is said that after Japan ’s price hike for scrap, the export prices of the US container HMS scrap 1:2 (80:20) were estimated to soar to USD 480 per tonne C&F from USD 475 per tonne CNF.

For the prospect, the US scrap export prices are expected to rise further, benefited by Japan’s price hike for scrap.

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