Local quotations in Japan's Kantō region for H2 grade scrap have decreased by approximately JPY 2,595/mt ($24/mt) compared to price levels recorded on May 26 and are now in the range of JPY 19,500-20,110/mt ($182-188/mt) delivered to customer.
On the other hand, SteelOrbis has been informed that no new Japanese offers to Vietnam for H2 grade scrap have been heard in the same period, though the latest Japanese offers to the country for H2 grade scrap were heard in the middle of May at $220-230/mt CFR. Meanwhile, demand for ex-Japan scrap is still at low levels. Also, Japanese scrap suppliers are expected to return to the export markets with new offer prices after their long-standing absence. SteelOrbis has been informed that Vietnamese buyers are maintaining a wait-and-see approach due to their expectations of a further decline in global steel quotations.
$1 = JPY 106.834