On May 23, SteelOrbis reported that Japanese H2 scrap prices for mini-mills in Tokyo, Osaka, and Nagoya reportedly climbed to JPY 34,100-34,400/mt ($310-313/mt) delivered. Meanwhile, Shindachi scrap prices increased to JPY 38,200-38,400/mt ($347-349/mt) delivered.
Sources now report that domestic prices firmed up in the week ended May 25. H2 domestic prices in the regions mentioned above are reportedly now at JPY 34,300-34,500/mt ($314-315/mt) delivered. Prices increased $4/mt from the bottom of the previous range and $2/mt from the top of the same range.
Shindachi scrap reportedly increased to 38,400-38,700/mt ($351-354/mt) delivered. Prices increased $4/mt from the bottom of the previous range and $5/mt from the top of the same range.
According to a source, “Much of the upward momentum in H2 scrap pricing is from domestic demand.” On the export front, entities such as South Korea’s Hyundai Steel have decreased tentative bids over the past several weeks and have refrained from purchases. She added, “South Korea, the major buyer of scrap from Japan, is facing a drop in rebar production and digesting US quotas along with all in its geopolitics realm which is resulting in subdued imported scrap levels.”
USD = JPY 109.97 (May 23)
USD = JPY 109.39 (May 25)