On March 18, SteelOrbis reported domestic H2 scrap prices in Japan at mini-mills in Tokyo, Osaka, and Nagoya at JPY 33,800-34,000/mt ($304-305/mt) for H2 scrap and JPY 38,900-39,200/mt ($349-352/mt) for shindachi scrap, all prices delivered to customer.
Sources inform SteelOrbis that H2 scrap continues to trend stable at JPY 33,800-34,000/mt ($306-308/mt) for H2 scrap and JPY 38,900-39,200/mt ($352-355/mt) for shindachi scrap, all prices delivered to customer. Due to currency fluctuations, H2 scrap increased $2/mt from the bottom of the range and $3/mt from the top of the same range, while shindachi scrap increased $3/mt. A source noted that Tokyo Steel has begun to decrease scrap purchase prices slightly at its Tahara plant after a 3-month ascent. Further downward adjustments could put downward pressure on domestic H2 scrap prices. Although, South Korea’s Hyundai Steel has reportedly returned to the Japanese H2 export scrap market after an absence of several months. The export demand is expected to support domestic scrap prices.
USD = JPY 111.34 (Mar 18)
USD = JPY 110.48 (Mar 27)