On November 13, SteelOrbis reported that domestic H2 scrap prices in Japan at mini-mills in Tokyo, Osaka, and Nagoya decreased to JPY 33,700-34,000/mt ($296-298/mt) for H2 scrap and at JPY 39,000-39,300/mt ($342-345/mt) for shindachi scrap, all prices delivered to customer.
Over the past week, Japanese scrap buyers have consistently sought to renegotiate lower prices. Sources note H2 scrap buying prices in the mentioned regions reportedly at JPY 33,000-33,400/mt ($291-294/mt) while shindachi scrap also decreased to JPY 38,100-38,500/mt ($336-339/mt), all prices delivered to customer. H2 scrap decreased $5/mt from the bottom of the previous range and $4/mt from the top of the same range while shindachi decreased $6/mt.
Compared to November 2 when H2 scrap prices at the mini-mills in the regions noted above were reportedly at JPY 36,000-36,300/mt ($318-321/mt) and shindachi scrap at JPY 41,200-41,400/mt ($364-366/mt), all prices delivered to customer, H2 scrap has declined $27/mt while shindachi scrap has declined $27-28/mt. Sources attribute the decline to weaker interest in Japanese scrap in the export market and adequate inventories.
USD = JPY 113.22 (Nov 2)
USD = JPY 113.97 (Nov 13)
USD = JPY 113.48 (Nov 14)