On August 16, Japanese H2 export scrap is reportedly active at JPY 31,500/mt ($285/mt) FOB Tokyo bay, which is up JPY 500/mt week-on-week and JPY 1000/mt from early in the month. On Aug 4, SteelOrbis reported South Korean mills purchasing Japanese H2 at JPY 30,000/mt ($271/mt) FOB Tokyo Bay.
The upward trend has been reinforced by the global market as well as the latest August 9 Kanto Tetsugen scrap action which garnered JPY 32,500/mt ($295/mt) FOB Tokyo Bay on the highest bid. The FOB price translated to approximately JPY 31,610/mt ($287/mt) FAS.
SteelOrbis reported the July 11 average auction results on the top bids at JPY 28,010/mt ($246/mt) FAS or JPY 29,000/mt ($255/mt) FOB Tokyo Bay. In comparison, the highest bid level increased JPY 3,500 or $40/mt in dollar terms in the August auction.
Export deals for H2 are now expected at JPY 32,500-33,000/mt ($294-299/mt) FOB Tokyo Bay this week as traders return from holiday. H2 scrap for export is as high as JPY 30,500/mt ($276/mt) FAS and JPY 30,000/mt ($271/mt) delivered to domestic mills.
Japanese H2 offers are presently at $317-320/mt CFR Taiwan, $318-321/mt CFR South Korea, and $326-330/mt CFR Vietnam.
$1=JPY 113.74, 7/11/2017
$1=JPY 110.81, 8/04/2017
$1=JPY 110.11, 8/09/2017
$1=JPY 110.52, 8/16/2017