Japanese domestic H2 scrap prices tick up in domestic terms

Tuesday, 15 May 2018 00:01:42 (GMT+3)   |   San Diego
       

On May 7, SteelOrbis reported that Japanese H2 scrap prices for mini-mills in Tokyo, Osaka, and Nagoya firmed up over the past week and prices on H2 were reportedly at JPY 33,200-33,700/mt ($304-309/mt) while shindachi (new cuttings) scrap was reportedly at JPY 36,900-37,200/mt ($338-341/mt), all prices delivered.

According to market sources, H2 domestic prices have begun to move upward and prices for the regions above are reportedly at JPY 33,400-33,900/mt ($303-307/mt) delivered. Shindachi also increased its prices in domestic terms to JPY 37,200-37,500/mt ($337-340/mt) delivered. Due to currency exchange fluctuations, H2 prices declined $1/mt from the bottom of the previous range and $2/mt from the top of the same range. For shindachi scrap, prices declined $1/mt from the previous range.

Tokyo Steel has also reportedly increased scrap purchase prices about JPY 1000/mt at its Utsunomiya site, which was tracking lower “by approximately that amount” from the Tahara site according to a source. She added, “If prices for Tahara have not adjusted upward, they soon will, as Tahara prices historically are on the higher side of all their sites.”

According to a recent survey by the Ministry of Economy, Trade and Industry, Japanese steel producers are forecasting an increase in crude steel production to 26.93 million mt in the second quarter of 2018, up 2 percent from the first quarter and up 3.4 percent compared to the second quarter the prior year, due to strong construction demand for steel products.

USD = JPY 109.09 (May 7)

USD = JPY 110.37 (May 15)


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