On February 23, SteelOrbis reported H2 export offers at JPY 29,000-29,500/mt ($256-261/mt) FOB Tokyo Bay with the gap between offers and bids at approximately JPY 1,000/mt ($9/mt).
At the time sources noted recently completed deals to South Korea at JPY 28,000-28,500 ($247-252/mt) FOB Tokyo Bay or approximately $269-274/mt CFR South Korea and $272-273/mt CFR Vietnam. Limited ex-Japan H2 export offer prices were at $290-292/mt CFR Vietnam, $280-282/mt CFR Taiwan, and $280-282/mt CFR South Korea.
On March 1, while H2 domestic scrap prices in Japan are heard rising JPY 500-1,000/mt ($4-9/mt) week-on-week, export buyers are in a wait-and-see mode pending further information from the global markets. Exporters remain firm with expectations of JPY at 29,000-29,500/mt ($255-259/mt) FOB Tokyo Bay. Though, according to sources, some quiet deals at slightly lower prices are rumored to have been completed with South Korean mills.
The most recent ex-Japan H2 deals have been heard at $278/mt CFR South Korea or JPY 28,600/mt ($251/mt) FOB Tokyo Bay. Bids for H2 scrap are presently heard at $280/mt CFR Vietnam which are lagging by $10/mt from active offers at $290/mt CFR Vietnam. Meanwhile, it is heard that Vietnamese buyers have accepted the price level of $320/mt CFR for Japanese busheling scrap. Vietnam mills are heard with strong scrap inventories and willing to wait for further market indicators prior to making deals for late April and May shipments.
$1=JPY 113.15 on 2/23/2017
$1=JPY 113.75 on 3/1/2017