Japanese H2 export scrap prices continue uptrend
On August 16, SteelOrbis reported export deals for Japanese H2 export scrap active at JPY 31,500/mt ($285/mt) FOB Tokyo Bay with expectations of JPY 32,500-33,000/mt ($294-299/mt) FOB Tokyo Bay as traders returned from holiday.
According to sources, a South Korean mill recently purchased Japanese H2 scrap at JPY 32,500/mt ($300/mt) FOB for an early October shipment. In dollar terms, $15/mt higher compared to the mid-August traded level due to currency fluctuations.
H2 domestic scrap for export traders is now approximately at JPY 31,500-32,000/mt ($289-294/mt) FAS while delivered prices to domestic mills are heard at approximately JPY 32,000-32,500/mt ($294-298/mt). The price in FAS terms has increased by JPY 1,000-1,500/mt while prices to domestic mills has increased by JPY 2,000-2,500/mt in the past week.
H2 export offers are presently at JPY 32,750-33,500 ($300-307/mt) FOB Tokyo Bay. Japanese H2 offers are heard at $330/mt CFR Taiwan and $340/mt CFR Vietnam. Compared to mid-August CFR offers, prices have increased by $10-13/mt to Taiwan and $10-14/mt to Vietnam. According to sources, offers to South Korea are trending close to the Taiwan offer range.
$1=JPY 110.52, 8/16/2017
$1=JPY 108.99, 8/23/2017
*This was published on SteelOrbis website on August 24, 2017.