Japan: Tokyo Steel Cuts Scrap Purchase Price by USD 4-9
Steelmaker makes third scrap price cut so far in Dec’18 as market observes no sign of price bottom yet.
Japan’s leading EAF steel mini-mill - Tokyo Steel has observed third scrap price cut so far in Dec’18. As per new price circular released, scrap prices lowered further by JPY 500/MT (USD 4) at Tahara, Utsunomiya and Kyushu works while that of JPY 1000/MT at Okayama plant and Takamatsu steel center of the company in Japan. New prices shall be effective from tomorrow.
Tokyo steel’s H2 prices stand at JPY 30,500/MT (USD 271) for largest plant Tahara. Revised prices hit almost 16 months low as similar price levels were seen during mid Aug'17 at Tahara in central Japan.
Revised price for H2 stands at JPY 29,500/MT at Okayama plant and JPY 32,000/MT for Kyushu plant in western Japan while for the same grade prices noted at JPY 28,500/MT for its Takamatsu steel center, and JPY 31,500/MT for Utsunomiya plant located in the Kanto region.
Japan’s monthly scrap export tender ‘Kanto Tetsugen’ is scheduled on 11th Dec’18 this month. Participants expect that tender may witness a sharp fall in bids on a monthly basis and remain waiting for its result in order to get a clear market sense.
According to reports, on recent depreciation of Japanese Yen against USD, export offers from Kanto suppliers moved down JPY 500/MT to current levels of JPY 30,000-30,500/MT, FoB Japan.
While some EAF manufacturers expect prices may verge below JPY 30,000/MT in the short term as there are still no signs of a bottom yet. Inventories with manufacturers are steady and currency volatility may impact prices further. If this happens then H2 bids would fall below JPY 30,000/MT levels in Japan’s domestic market the first time in the last 16 months after Aug’17.
source: SteelMint
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