WEEKLY: Japan's H2 scrap prices down by another $7/t

Over October 2-7, Japanese prices of H2 grade scrap for domestic sales had declined for the third week by another Yen 1,000/tonne ($6.9/t) or by a total of Yen 2,000/t so far, and market sentiment remained weak with lower bid by overseas buyers, market sources shared.

On October 7, mini-mills in the Kanto region around Tokyo paid Yen 49,000-50,000/t to collect H2 grade scrap, down Yen 1,000/t on week, and some mills paid even lower at around Yen 48,500/t to narrow the gap with prices paid by shippers. On Friday, shippers at Tokyo Bay ports, key