Japan's export prices of H2 scraps to South Korea have fallen to ￥27,000~￥27,500/ton this week, decreasing by ￥500~￥1,000/ton from the prices of ￥28,000/ton FOB in a week earlier, affected by the continuous price cut made by Tokyo Steel.
It's said that some South Korean steelmakers were expecting for lower prices as they believed that the Japanese scrap prices would drop further.
Industry sources said that Japan's scrap export prices to South Korea might drop further in the near future after Tokyo Steel announced to reduce its scrap purchasing prices further by ￥500/ton on September 5th.
In South Korean domestic scrap market, the steelmakers including Korea Iron & Steel, Korea Steel Shapes and Dae Han Steel Mill have increased the scrap purchasing prices by 15,000 won/ton respectively during August 29th through August 30th.
However, it's said that the South Korean mills planned to cut the scrap purchasing prices in the near short term.