On July 20, SteelOrbis reported H2 export offers starting at JPY 29,500/mt ($264/mt) FOB Tokyo Bay, domestic H2 prices in Japan of JPY 27,500-28,000/mt ($246-250/mt) delivered to mills and the purchase of H2 scrap for export at approximately JPY 27,500/mt ($246/mt) FAS. Trading with South Korean mills was reported at JPY 28,000-28,500/mt ($250-255/mt) FOB Tokyo Bay.
According to sources, Japanese H2 scrap prices have continued moving upward as South Korean, Vietnamese and Taiwanese mills maintain their demand and preference over ex-US scrap; ex-US HMS I/II 80:20 bulk scrap prices are currently considered too expensive. Japanese H2 scrap export deal prices have been recently concluded at JPY 28,700-29,000/mt ($256-260/mt) FOB Tokyo Bay to South Korean mills. Compared to a week ago, this range represents an increase of JPY 700/mt from the bottom of the previous range and JPY 250/mt from the top of the previous range.
Deals to Vietnamese mills were also recently concluded at $285-290/mt CFR Vietnam which translates to approximately JPY 28,500-28,800/mt ($256-258/mt) FOB Tokyo Bay.
H2 scrap for export at docks is estimated at JPY 28,500-29,000/mt ($256-260/mt) FAS, which is JPY 1,000-1,500/mt higher compared to a week ago. Domestic mills are reportedly purchasing H2 at JPY 27,500-28,000/mt ($247-251/mt) delivered, which is stable week-on-week, but may increase due to export demand. As exporters accepted deals at JPY 28,500-29,000/mt ($256-260/mt) and demand continues strong, offers are expected to trend firmly above JPY 30,000/mt ($269/mt) FOB Tokyo Bay for the reminder of the month.
$1=JPY 111.87, 7/20/2017
$1=JPY 111.426, 7/26/2017