Japanese H2 scrap prices steady as JPY strengthens; US prices remians stable

• Japan: H2 scrap pressured by stronger yen, subdued Vietnam
• US: Export scrap stable, supported by Turkish demand

Japan’s H2 export prices export prices fell in the week ended 19 December, pressured by a strengthening of the yen against the US dollar, even as offer levels remained largely unchanged. ($1 = JPY 157.16)

Japan’s ferrous scrap export prices drop

BigMint assessed Japan’s H2 scrap at JPY 43,850/t ($283/t) FOB Tokyo Bay, a drop JPY 150/t ($1/t) from last week. H2 scrap offers were heard at between $325-328/t CFR Vietnam, unchanged w-o-w, with indicative bids heard at $320/t CFR Vietnam. US-origin HMS 80:20 deep-sea scrap offers were heard at $350/t CFR Vietnam.

A market participant commented,” After the Kanto tender, the H2 scrap market in Vietnam remained unchanged, with trading activity staying subdued.

The deep-sea bulk scrap market stayed stable week over week, with offer levels unchanged and trading activity remaining subdued.

A Vietnam-based mill side participant commented, “The largest H2 scrap buyer has already secured volumes through the Kanto tender, and current scrap requirements are limited. We are now sourcing containerized or domestic scrap, with minimal need for restocking at this stage.”

US export scrap prices stable, supported by Turkish demand

US export scrap prices in the week continued to remain at their highest levels since April 2025. Exporters resisted Turkish attempts to negotiate lower prices amid weakness in Turkey’s domestic rebar market, while strong Turkish buying continued to underpin market momentum.

FOB assessments (US East Coast, bulk)

• HMS 80:20 – $339/t, unchanged w-o-w.
• Shredded – $359/t, unchanged w-o-w.

US-origin HMS 80:20, bulk – CFR assessments

• Turkiye – down by ($2/t) w-o-w at $368/t.
• Vietnam – up by ($2/t) w-o-w at $344/t.
• Bangladesh – unchanged w-o-w at $356/t.

Demand for finished steel in Turkey softened following a brief rise in November, with market participants not expecting significant changes through year-end, a market participant noted.

Outlook

Japan’s export market is likely to remain rangebound near current levels, with a strengthening Japanese Yen continuing to pressure prices. US export scrap momentum is expected to hold in the near term, supported by ongoing Turkish demand, while Southeast Asian markets see limited activity after recent tenders, keeping H2 scrap flows subdued.