Japan: Tokyo Steel raises H2 scrap prices by JPY 1,000/t ($6/t) at two locations

• Japanese H2 export offers to Vietnam climb to $380-395/t CFR.
• Cautious Vietnamese buyers resist higher offers, limiting confirmed trades.

Tokyo Steel revised scrap buying prices at its Utsunomiya plant and Tokyo Bay region satellite yard by JPY 1,000/t ($6/t) on 19 October 2026, while prices at the remaining six locations remained unchanged at JPY 51,500-52,500/t ($326-332/t). This marked the company’s fourth scrap price hike in October.

H2 ferrous scrap export market strengthened in the week, supported by higher Kanto-Tetsugen tender results and Tokyo Steel’s price hike. Export offers to Vietnam increased to $380-385/t CFR, with an indicative offer reaching $395/t CFR. However, elevated prices kept Vietnamese buyers cautious, with indicative bids mostly below prevailing offers. Japanese H2 scrap prices rose to JPY 52,200/t ($332/t) FOB Tokyo Bay, up JPY 800/t w-o-w, while higher domestic collection prices supported bullish sentiment. Despite stronger offers, limited buying interest and delayed seller offers constrained confirmed trading activity.