On May 14, SteelOrbis reported domestic H2 scrap prices in Japan at mini-mills in Tokyo, Osaka, and Nagoya at JPY 29,800-30,000/mt ($272-274/mt) for H2 scrap and JPY 33,500-33,800/mt ($306-308/mt) for shindachi scrap, all prices delivered to customer.
Sources inform SteelOrbis that H2 scrap prices have ticked down further and are now at JPY 29,700-30,000/mt ($270-273/mt) for H2 scrap and JPY 33,500-33,800/mt ($305-307/mt) for shindachi scrap, all prices delivered to customer. H2 scrap decreased $2/mt from the bottom of the previous range and $1/mt from the top of the same range. Shindachi scrap decreased $1/mt from both the bottom and top of the previous range.
The source reported that while the change in tariffs on Turkish steel was being viewed positively in the export scrap market, it was likely difficult for domestic mills to immediately translate into higher offer prices given the relative higher inventories on seasonal effect and the possibility that Turkish mills may be limited in their scrap purchases worldwide despite the tariff change. The source noted the need for Turkish mills to assess penetration potential in the US market and re-establish relationships with buyers as potential lagging factors.
USD = JPY 109.62 (May 14)
USD = JPY 109.98 (May 20)