On July 18, SteelOrbis reported that Japanese domestic H2 scrap prices continued to trend stable in both JPY and dollar terms at JPY 34,300-34,500/mt ($304-306/mt) for H2 scrap and at JPY 38,700-39,000/mt ($343-346/mt) for shindachi scrap, all prices delivered.
Sources inform SteelOrbis on July 20 that while H2 scrap prices at mini-mills in Tokyo, Osaka, and Nagoya regions continue trending at JPY 34,300-34,500/mt ($308-309/mt), shindachi scrap prices have ticked up slightly on tight supply at JPY 38,800-39,100/mt ($348-351/mt). Due to currency fluctuations, H2 scrap prices increased $4/mt from the bottom of the previous range and $3/mt from the top of the same range. Shindachi scrap prices increased by JPY 100/mt and $5/mt in dollar terms.
While the higher-grade scrap prices ticked up domestically on tight supply, sources inform SteelOrbis that H2 domestic scrap may encounter slight weakness in the export market, and may trickle to the domestic market, as South Korean mills such as Hyundai have withdrawn bids for Japanese scrap over the week as the South Korean domestic and export markets have softened. Sources report that South Korean finished long steel exports, for example, declined in June compared to the same month last year.
USD = JPY 112.78 (Jul 18)
USD = JPY 111.50 (Jul 20)