- H2 sees robust shipments of around 70,000 t per week
- Kanto export tender in Mar to shape market direction
Japan Metal Daily: Steel scrap prices are steadily rising at bay yards in the Kanto region, driven by consistent shipments, tight supply, and increased buying by shippers aiming to secure material. Gulf prices of H2 touched a high of JPY 40,500/t ($275/t), aligning with the purchasing levels of electric arc furnace (EAF) manufacturers.
In early February, H2 prices dropped to around JPY 39,000/t ($209/t). However, mid-month saw two large shipments of 15,000-25,000 t, which lifted demand and pushed prices higher. Since then, shipments have remained strong at around 70,000 t per week. A shortage of scrap at dealer yards further supported the price increase.
High-grade scrap varieties such as HS and Shindachi (Shinshu) also remained strong, backed by stable demand from Korean mills. HS stood at JPY 46,500/t ($315/t), while Shinshu was at JPY 45,500/t ($308/t).
EAF mills in the region have been buying H2 scrap at JPY 39,500-40,500/t ($268-274/t). Although a few mills raised prices last week, most maintained a wait-and-watch approach. The upcoming Kanto export auction in March is expected to play a key role in shaping near-term market direction.
Note: This article has been written in accordance with a content exchange agreement between Japan Metal Daily and BigMint.
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