With Japan having returned from the holidays, benchmark Tokyo Bay FAS-based scrap prices have dropped by JPY 1,000/mt as compared to December 19.
The Tokyo Bay FAS-based price for H2 grade scrap is currently at JPY 40,000/mt ($255/mt), with the dollar-based price down by $7/mt. The Japanese yen-US dollar exchange rate has moved from $1 = JPY 156.76 to $1 = 156.64 during the given period, with the FOB-based price now at JPY 41,000/mt ($262/mt) for the grade in question.
The Tokyo Bay HS grade scrap price now stands at JPY 45,500/mt ($290/mt) FAS, $6/mt lower compared to December 19. During the past two weeks, the shindachi scrap price has remained stable at JPY 45,000/mt ($287/mt) FAS.