Japan: Tokyo Steel Raises Scrap Purchase Price Further USD 5
Following rising expectations in the market, the steelmaker has raised scrap purchase prices twice this week
As per new price circular released, Japan’s leading EAF steel mini-mill - Tokyo Steel has raised domestic scrap purchase price by JPY 500/MT (USD 5) at all five of its works. New prices shall be effective from tomorrow.
The steelmaker will pay JPY 32,000/MT (USD 290) for H2 scrap delivered to Utsunomiya plant situated in the Kanto region. While revised H2 price stands at the largest plant, Tahara at JPY 31,000/MT in the central area and JPY 27,000/MT for Takamatsu steel center, JPY 28,500/MT for Okayama works and JPY 31,500/MT for Kyushu works respectively.
Japanese scrap buyers in the Kanto region have been increasing the purchase price of scrap on successively falling inventories. Tokyo Steel increased scrap prices by JPY 500/MT (USD 5) on Wednesday after 5 months time on higher Kanto's monthly tender. Following this, other steelmakers are expected to lift scrap prices further.
The selling price of H2 in Japan’s local market stands in the range of JPY 30,500-31,500/MT, FoB Tokyo while the collection price in the Gulf region reported at around JPY 30,000-30,500/MT. Even the present trade volume remains slow, participants expect that the upward trend likely to continue in the near terms.
Despite the demand from South Korean steel mills hasn’t recovered yet amid high inventories in hand and scheduled arrival of bulk vessels end this month, Japanese scrap suppliers are likely to hold offers high following bullish buying in Turkey.
A joint steelmaker Funahama factory has suspended the operations after witnessing a failure of a transformer at its facilities again. In absence of high-grade scrap purchasing and tightening supply and demand situation in the market, retailers have turned strongly believing that the market condition will not change even if the low demand for high-grade scrap persists.
source: SteelMint
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