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Ferrous scrap exports from Japan increased in August as weaker domestic scrap prices made Japanese scrap more competitive in the seaborne market. But exports were still lower against a year earlier on an overall slowdown in overseas demand.
The country exported 495,000t of ferrous scrap in August, with January-August exports down by 23.8pc to 4.07mn t, Japan customs data show. Exports in August rose by 13.9pc from July and were still 9.1pc less than August 2021.
Japanese suppliers were increasingly bearish in July when the price fall in the domestic market accelerated concerns about reduced demand during summer. The Argus H2 fob Japan price fell to the lowest level since February 2021 on 2 August. Many Japanese exporters were in a rush to conclude export deals when prices fell to the year's low.
Exports to the three major destinations — South Korea, Vietnam and Taiwan, China — all increased from July, while only exports to South Korea registered a significant fall from August 2021. Exports to China rebounded to 51,000t in August, as the gap between Chinese domestic price and Japanese scrap offer narrowed to create more demand from China.
Exports in September are likely to have slowed. The Japanese domestic price reversed back to an uptrend in August, while suppliers were less active to the export market as they stocked up during tighter supplies in the domestic market.
argusmedia.com
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