Japanese H2 scrap prices rise; US scrap prices hold steady

• US market expected firm in January
• Tokyo Steel keeps scrap prices unchanged

Japan H2 scrap prices rose on firmer offers despite year-end quiet, while US scrap stayed stable amid thin trade, with tighter supply expected to support prices into January.

Japan H2 scrap prices rise w-o-w on firmer offers

BigMint assessed Japan’s H2 scrap at JPY 44,300/t ($279/t) FOB Tokyo Bay, up by JPY 700/t w-o-w. In Vietnam, H2 offers rose to $335-340/t CFR, up about $7/t w-o-w, while bids improved to $320-325/t CFR. However, most Vietnamese mills stayed cautious due to adequate inventories and minimal year-end restocking needs.

Tokyo Steel revised its scrap purchase prices effective 27 December 2025, marking its third review this week and fourth in the month, but kept prices unchanged across all plants. Post-revision, H2 scrap prices range from JPY 39,500/t to JPY 44,500/t across its facilities.

Deep-sea scrap prices into East Asia stayed flat, with HMS 80:20 at $341/t CFR amid few offers and no active bids. Activity may improve in early January as suppliers return, though ample inventories could cap upside.

US scrap prices hold steady amid thin year-end trade

US ferrous scrap prices stayed largely stable, with limited bookings from Turkey amid year-end slowdowns and the absence of major US suppliers during the holiday period. Meanwhile, US recyclers remained bullish on tight supply and firm collection costs, signalling that Turkish buyers may need to lift bids to secure cargoes once the holidays conclude.

FOB assessments (US East Coast, bulk)

• HMS 80:20 – $344/t, up by $1/t w-o-w.
• Shredded – $364/t, up by $1/t w-o-w.

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

• Turkiye – stable w-o-w at $370/t.
• Vietnam – up by ($1/t) w-o-w at $345/t.
• Bangladesh – up by ($1/t) w-o-w at $361/t

Outlook

Liquidity in East Asia is expected to improve gradually as Japanese suppliers return, though ample inventories and cautious buying may limit upside. In contrast, the US scrap market is likely to remain firm into January on tight supply, strong export interest, and anticipated mill restocking.