On August 23, SteelOrbis reported export deals for Japanese H2 export scrap active at JPY 32,500/mt ($300/mt) FOB Tokyo Bay with offers at JPY 32,750-33,500 ($300-307/mt) FOB Tokyo Bay.
In late August, South Korean mills have continued booking Japanese H2 scrap deals at JPY 32,500-33,500/mt ($295-304/mt) FOB Tokyo Bay over the past week. While the JPY deal range was stable-to-higher than a week ago, a source noted that the most recent deals have been on the lower end of the range, which decreased $5/mt in dollar terms on currency fluctuations.
H2 domestic scrap for export traders is now approximately at JPY 32,000-32,500/mt ($290-295/mt) FAS while delivered prices to domestic mills are heard at approximately the same level. The price in FAS terms has increased by JPY 500/mt but remained stable in dollar terms. The price to domestic mills has remained stable in JPY terms but has decreased $4/mt in dollar terms.
H2 export offers are presently at JPY 33,500-34,000/mt ($304-309/mt) FOB Tokyo Bay. A source noted that, while the offer price is higher in dollar terms by $2-4/mt compared to the range a week ago, market uncertainty is growing and negotiations may maintain deals at $295-300/mt FOB on market sentiment.
Japanese H2 offers are heard at $325-330/mt CFR Taiwan and CFR South Korea while at $335-340/mt CFR Vietnam. Both offer price ranges have widened the bottom of the range down by $5/mt. US export prices on HMS I/II 80:20 scrap historically trend in tandem, though, slightly lower than Japanese H2 scrap.
$1=JPY 108.99, 8/23/2017
$1=JPY 110.18, 8/30/2017