On March 7, SteelOrbis reported domestic Japanese H2 scrap prices for mini-mills in Tokyo, Osaka, and Nagoya regions up at JPY 35,300-35,900/mt ($333-338/mt) delivered to customer.
According to market sources, domestic Japanese H2 prices are now reportedly at JPY 36,100-36,400/mt ($340-342/mt) delivered to customer. Prices have increased $7/mt from the bottom of the previous range and $4/mt from the top of the same range.
The equivalent of prime busheling scrap (New Cuttings or Shindachi scrap) is presently reported at JPY 39,200-39,500/mt ($369-372/mt) delivered to customer, an increase of $5-6/mt over the past week. A source added, “With the uncertainty in the regional market that may trickle into softness in Japanese scrap exports in the short-term, this week could be a peak for Japanese H2 scrap, though, the Japanese economic outlook for 2018 is extremely positive and many expect an exemption to Section 232 tariffs as Japan produces highly specialized steel and is a long-term ally of the US.”
USD = JPY 106.07 (Mar 7)
USD = JPY 106.29 (Mar 14)