The recent depreciation in the Yen may see Japanese prices of ferrous scrap for export decline if traders decide to pass along some of the currency benefits they’re enjoying to overseas buyers. This would contrast starkly with trends in the domestic market where prices have been rising since the beginning of February and where local mini-mills are competing to secure the volume they need.
currency trading in Tokyo’s foreign exchange market Friday morning, the Yen had
weakened to Yen 107.9=$1, from Yen 106.4 a week ago and Yen 105.7 two weeks earlier,
Mysteel Global notes. The depreciation of the Japanese currency meant that in
just the space of these two weeks, a Japanese scrap exporter would be