Japan: Tokyo Steel Scrap Prices at Utsunomiya Works Hit 1 Year Low
Steelmaker cuts scrap prices further by JPY 500/MT (USD 4) at all works today
Japan’s leading EAF steel mini-mill - Tokyo Steel has slashed scrap purchase prices for 8th time in Nov’18. As per new price circular released, prices reduced by JPY 500/MT (USD 4) at all five works of the company in Japan. New prices shall be effective from tomorrow.
Tokyo steel’s H2 prices stand at JPY 31,500/MT (USD 277) for largest plant Tahara in central Japan and for Okayama works in western Japan. Bids for the same grade noted at JPY 30,500/MT for its Takamatsu steel center, JPY 33,000/MT for Kyushu plant.
Revised price stands at JPY 32,500/MT for Utsunomiya plant located in the Kanto region hitting almost 1 year low as similar price levels were last seen in Nov'17.
According to sources, domestic scrap prices continue downtrend on the ongoing difficult situation for new export contracts. South Korean Hyundai Steel placed bids for Japanese H2 at JPY 30,500/MT,FoB Japan. Following which export offers have also come under pressure and stand in the range JPY 31,000-32,000/MT (USD 273-282), FoB.
Market turns uncertain if prices have hit bottom or not. Suppliers believe that they do not see a bottom yet even after sharp fall in the prices.
source: SteelMint
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