On July 11, SteelOrbis reported that the July high bids at the Japanese Tetsugen scrap auction traded at JPY 34,330/mt ($307/mt) FAS, up JPY 260-275/mt compared to June high bids. While the price increased in domestic currency, the price decreased $1-2/mt in dollar terms due to currency fluctuations.
The Tetsugen high bid level in August reached JPY 34,860/mt ($314/mt) FAS, up $7/mt or JPY 530/mt compared to the high bid prices in July. The price translates to about JPY 35,700/mt ($322/mt) FOB Tokyo Bay. The auction placed 128,200 mt of scrap through 19 bids at an average bid price of JPY 34,260/mt ($309/mt) FAS.
In a year-on-year analysis, the Tetsugen high bids reached JPY 31,606-31,610/mt ($287/mt) FAS in August 2017, or approximately JPY 32,500/mt ($295/mt) FOB Tokyo Bay. In FAS terms, prices are up $27/mt or JPY 3,254-3,250 year-on-year for August.
H2 scrap export offers are reportedly at JPY 35,000-35,500/mt ($316-320/mt) FOB Tokyo.
USD = JPY 110.11 (Aug 9, 2017)
USD = JPY 111.97 (July 11)
USD = JPY 110.93 (Aug 9)