On October 16, SteelOrbis reported that domestic scrap prices in Japan continued trending stable since early in the month at mini-mills in Tokyo, Osaka, and Nagoya. H2 scrap prices were reportedly at JPY 36,100-36,400/mt ($322-325/mt) while shindachi scrap was reportedly at JPY 41,200-41,500/mt ($367-370/mt), all prices delivered to customer. Due to currency fluctuations, prices had firmed up in dollar terms.
Sources inform SteelOrbis that for the week ended October 19, H2 domestic scrap prices have continued to trend stable at JPY 36,100-36,400/mt ($321-323/mt) and shindachi scrap at JPY 41,200-41,500/mt ($366-369/mt), all prices delivered to customer. In dollar terms, H2 prices decreased $1/mt from the bottom of the range and $2/mt from the top of the same range while shindachi scrap declined $1/mt. A source comment that given the global scrap market direction and higher domestic scrap costs in Japan, scrap prices are expected to stay relatively stable until year end.
USD = JPY 112.17 (Oct 16)
USD = JPY 112.52 (Oct 18)