On January 23, SteelOrbis reported that several leading South Korean steelmakers reduced their bids for Japanese H2 scrap. Bids, which attracted all desired scrap for purchase, were at JPY 36,500-36,900/mt ($331-335/mt) FOB Tokyo Bay.
Sources report bid prices for H2 scrap have declined further by JPY 1,000/mt, reducing bid levels by $5/mt to JPY 35,500-35,900/mt ($326-330/mt) FOB Tokyo Bay.
Due to currency fluctuations in which the JPY has strengthened against the dollar, the effect in dollar terms was lessened by approximately $4/mt. At January 23 rates, the prices would have declined to $322-326/mt FOB Tokyo Bay.
USD = JPY 110.26 (Jan 23)
USD = JPY 108.84 (Jan 30)