Japanese ferrous scrap exporters are expanding their focus on the growing Indian steel market as they seek to maintain sales despite falling demand from their traditional Asian markets.
Bureau of International Recycling Board Member Hisatoshi Kojo told Platts on Tuesday that currently Japan is selling bulk cargoes to India ranging from 10,000 mt to 15,000 mt.
"We are now aiming for India," Kojo said on the sidelines of the BIR Round-Table Sessions in Prague. "We have to find a new home. Right now they are evaluating our scrap quality." Japanese scrap exporters have been exploring alternative homes for their material due to declining demand from Taiwan and South Korea, which have reduced their scrap purchases in favor of Chinese billet.
Average freight from Japan to Taiwan or South Korea is about $20-$25/mt, according to Kojo while freight to India is $40-$45/mt.
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