On September 12, SteelOrbis reported that domestic H2 scrap prices in Japan softened at mini-mills in Tokyo, Osaka, and Nagoya to JPY 35,200-35,600/mt ($316-320/mt) for H2 scrap and to JPY 40,200-40,700/mt ($361-366/mt) for shindachi scrap, all prices delivered to customer.
Sources now inform SteelOrbis that H2 scrap prices have appeared to halt the downward trend and maintained stability at JPY 35,200-35,600/mt ($314-318/mt). Due to currency fluctuations, prices decreased $2/mt. Shindachi scrap is also reportedly stable.
Domestic prices are reportedly stable and supported as Tokyo Steel recently increased its scrap buying prices at its Okayama plant by JPY 500/mt to approximately JPY 36,500/mt ($326/mt) delivered. According to a source, most of the Tokyo Steel sites are reporting scrap purchase prices in the range of JPY 36,500-37,500/mt ($326-335/mt), all prices delivered. Tokyo Steel buying prices traditionally trend higher than prices at mini-mills in the above-mentioned areas. The upward price movement in one Tokyo Steel site while maintaining stable prices in the other sites is buoying overall domestic prices.
Strong prices on H2 domestic scrap are expected to help support US scrap export prices through September.
USD = JPY 111.27 (Sep 12)
USD = JPY 112.02 (Sep 14)