Japan: H2 scrap export offers rise by JPY 300/t ($2/t) w-o-w as markets reopen after Obon holidays

• Offers rise on stronger market conditions in Indonesia, Philippines 
• Vietnamese scrap market remains firm despite cautious buying

Japan’s H2 scrap export prices rose slightly by JPY 300/tonne (t) ($2/t) w-o-w as suppliers resumed operations after the Obon summer holidays, bringing a wider range of offers to the market.

A Japan-based trader noted, “Offers from Japan have been rising recently due to stronger market conditions in Indonesia and the Philippines.” Meanwhile, the deep-sea bulk market stayed quiet w-o-w, with buyers reportedly remaining on the sidelines and observing market activity.

BigMint’s weekly assessment placed H2 at JPY 42,000/t ($283/t) FOB Tokyo Bay, up by JPY 300/t ($2/t).

Offers to Vietnam were heard in a wide range of $320-325/t CFR for H2, with some at $330/t CFR. Last week, a deal was concluded at $320/t CFR Vietnam, followed by another at $315/t CFR earlier this week.

Tokyo Steel revised scrap prices for the second time this month, effective 22 August 2025, cutting rates by JPY 500/t ($3/t) at Okayama, Takamatsu, Kansai, and Utsunomiya. Post-revision, H2 scrap prices were as follows:

• Okayama, Kansai, and Utsunomiya – JPY 39,500/t ($267/t)
• Takamatsu – JPY 37,500/t ($254/t)

Import market updates

Vietnam: Imported ferrous scrap prices in Vietnam remained steady despite cautious demand for H2 scrap. Tradable values were assessed at $320/t and $325/t CFR, as larger mills continued seeking deep-sea cargoes to meet their higher capacity needs.

However, buyers largely stayed in a wait-and-watch mode, holding out for prices that match their targets. US-origin deep-sea offers remained range-bound at $355/t CFR, with some indicative offers lower at $340/t CFR, reflecting cautious market sentiment.

Taiwan: Feng Hsin Steel kept rebar and local scrap prices unchanged for 18-22 August, with 13-mm rebars at TWD 17,200/t ($572/t) and HMS 80:20 at TWD 8,300/t ($272/t).

Imported scrap prices rose, with US HMS 80:20 at $310/t and Japan H2 at $315/t CFR Taiwan, while China’s 20-mm HRB400E rebar fell to RMB 3,369/t ($469/t) amid weak demand.

Outlook

Looking ahead, sources suggest that H2 scrap prices are likely to remain range-bound in the near term. A Vietnam-based mill participant commented, “Mills are still restocking at low levels, so there is no significant upward pressure on prices.”