On August 9, SteelOrbis reported that the August high bids at the Japanese Tetsugen scrap auction for H2 scrap traded at JPY 34,860/mt ($314/mt) FAS, up compared to the high bid prices in July.
Sources inform SteelOrbis that the recent September Tetsugen scrap auction attracted the top three high bids at an average price of of JPY 34,486/mt ($309/mt) FAS on H2 scrap. In a year-on-year analysis, the Tetsugen H2 scrap high bids are higher by JPY 2,261/mt this month compared to JPY 32,225/mt ($296/mt) FAS in September 2017. Year-on-year H2 scrap prices have increased by $13/mt, but compared to the previous month’s high bids, H2 scrap prices have decreased by $5/mt.
The auction attracted 19 bids for a total of 115,650 mt of H2 scrap sold at an average price of JPY 33,377/mt ($299/mt) FAS. A source commented that the $10/mt spread between the top three bids and the overall average points to possible expectations of softer prices through the month. In 2017, the October Tetsugen scrap auction did trend down compared to September, but it rebounded in November and December.
USD = JPY 109.04 (Sept 11, 2017)
USD = JPY 111.97 (July 11)
USD = JPY 110.93 (Aug 9)
USD = JPY 111.58 (Sep 11)