On May 20, SteelOrbis reported domestic H2 scrap prices in Japan at mini-mills in Tokyo, Osaka, and Nagoya 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.
Sources inform SteelOrbis that H2 scrap prices continue stable at JPY 29,700-30,000/mt ($271-274/mt) for H2 scrap and JPY 33,500-33,800/mt ($306-308/mt) for shindachi scrap, all prices delivered to customer. H2 scrap increased $1/mt across both grades on currency fluctuations.
At a time when Turkish mills have drastically increased scrap import prices from both the US and the Baltics, Japanese import scrap prices are facing downward pressure via bids. Sources inform SteelOrbis that South Korea’s Hyundai Steel recently decreased its bid price for Japanese H2 scrap by an additional JPY 500/mt ($5/mt), and it is now bidding for H2 scrap at JPY 30,000/mt ($274/mt) FOB Japan. A source noted tight competition in the Asian market on finished steel is adding uncertainty to regional scrap price offers, although, sustainable demand by Turkish mills will result in global supply tightness which in turn will provide Japanese H2 scrap the opportunity to rise, especially, as US scrap export prices rise on the West coast. US West coast scrap competes with Japanese H2 scrap in the Asian import mart.
USD = JPY 109.98 (May 20)
USD = JPY 109.61 (May 23)