On September 14, SteelOrbis reported that domestic H2 scrap prices in Japan were stable with a possible upward movement. SteelOrbis reported H2 scrap prices at mini-mills in Tokyo, Osaka, and Nagoya at JPY 35,200-35,600/mt ($314-318/mt), and shindachi scrap was reportedly stable as well at JPY 40,500-40,900/mt ($362-365/mt), all prices delivered to customer. While prices remained stable domestically, they decreased slightly on currency fluctuations against the dollar.
Sources inform SteelOrbis that H2 scrap prices at mini-mills in Tokyo, Osaka, and Nagoya are now reportedly at JPY 35,400-35,700/mt ($315-318/mt) while shindachi scrap remains stable at JPY 40,500-40,900/mt ($361-364/mt), all prices delivered to customer. H2 scrap increased $1/mt from the bottom of the previous range while maintaining the top of the same range. Due to currency fluctuations, shindachi scrap decreased $1/mt.
A source noted that Japanese scrap prices will likely remain strong through the fourth quarter as Tokyo Steel recently announced stable prices on its finished steel products into October while Japan’s Osaka Steel has announced increases on its channel and angles section prices in October. Osaka announced higher prices on increasing production costs and Tokyo Steel has warned about potential increases in the fourth quarter also on increased costs.
USD = JPY 112.02 (Sep 14)
USD = JPY 112.21 (Sep 19)