On September 20, SteelOrbis reported Japanese H2 export offers at JPY 33,000-33,250/mt ($296-299/mt) FOB.
A South Korean mill reportedly booked a cargo of Japanese H2 at JPY 33,000/mt ($295-296/mt) FOB or $321-323/mt CFR at the end of the week-ended September 22, but prices have trended down since then on global scrap price movements. Export offer prices are now reportedly at JPY 32,000-33,000/mt ($284-293/mt) FOB Tokyo Bay. This range represents a decline of $12/mt from the bottom of the previously reported range and $6/mt from the top of the same range.
Domestic scrap prices to mills continue to be stable at JPY 31,000-33,000/mt ($275-293/mt) delivered while dock scrap prices to exporters declined JPY 400-500 and are at JPY 31,000-31,600/mt ($275-281/mt) FAS. While the prices remain stable in JPY terms for domestic mills, in dollar terms prices have declined $3/mt on currency fluctuations. In the case of dock prices, prices declined $8/mt from the bottom of the previously reported range and $6/mt from the top of the same range.
The global scrap market trend and lower import scrap offers in Asia from destinations such as the US are expected to place further downward pressure on Japanese H2 domestic mill scrap pricing, dock pricing to exporters, and export scrap offers in the coming weeks.
$1=JPY 111.34, (Sept 20)
$1=JPY 112.61, (Sept 27)