- Higher Vietnamese bids, expectations of post-holiday restocking drive uptick
- Trade remains subdued as Sep requirements of most overseas buyers fulfilled
Japan’s H2 export scrap prices edged higher w-o-w on 7 September 2026, supported by improved Vietnamese bids and expected post-holiday restocking. However, trading remained subdued, as Japanese mills waited for the Kanto export tender to conclude before committing to October purchases.
Weekly assessments
- Japanese H2 scrap was at $357/t CFR Vietnam, stable w-o-w.
- Japanese H2 scrap was at JPY 48,800/t ($313/t) FOB Tokyo Bay, up by JPY 500/t ($3/t) w-o-w.
- US-origin HMS 80:20 bulk stood at $370/t CFR Vietnam, down by $2/t w-o-w.
Japan
Japanese H2 export prices increased by JPY 500/t ($3/t) to JPY 48,800/t ($313/t) FOB Tokyo Bay. Offers were heard at JPY 49,000-50,500/t ($314-324/t) FOB Japan, while buyers were bidding around JPY 48,500-49,000/t ($311-314/t).
Market activity remained subdued, as most overseas buyers had already covered their September requirements. Japanese mills were also waiting for the Kanto-Tetsugen export tender, scheduled for the following week, before finalising October purchases. Market participants generally expect the tender result to provide a clearer price direction.
Japanese domestic scrap sentiment remained cautious amid weak steel production and limited buying, although demand is expected to improve as the summer slowdown ends and construction activity strengthens.
Vietnam
Vietnamese scrap demand remained limited during the National Day holiday period over 29 August-2 September, though bids improved to $350-355/t CFR amid post-holiday stock restocking requirements. Japanese H2 was offered around $358/t, with some indications at $370/t.
Vietnam’s imported scrap market remained cautious, with high-grade bulk scrap offered at $390-395/t CFR, unchanged w-o-w, against buyer targets around $15/t lower. US HMS 80:20 was offered at $375/t CFR versus bids near $365/t, while expectations of stronger construction demand and firm raw-material costs could support restocking later in September.
South Korea
Meanwhile, South Korean buyers showed comparatively better interest in Japanese scrap, with around 3,000 t of H1 (50:50) reportedly sold at JPY 53,000/t ($340/t) CFR Korea. After estimated freight of about JPY 4,000/t ($26/t), the transaction equated to roughly JPY 48,500-49,000/t ($311-314/t) FOB Japan.
Outlook
Japanese H2 scrap prices are likely to remain supported in September, with the Kanto export tender and post-holiday Vietnamese restocking expected to provide fresh market direction. However, cautious buying and limited steel demand could restrict further price gains.
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