Japan's Tokyo Steel Raises Scrap Purchase Price Further USD 5
As per new price circular released, Japan’s leading EAF steel mini-mill - Tokyo Steel has raised domestic scrap purchase price further by JPY 500/MT (USD 5) at all five works on strong sentiments in Japan. New prices shall be effective from tomorrow.
The steelmaker will pay JPY 33,000/MT (USD 298) for H2 scrap delivered to Utsunomiya plant situated in the Kanto region. While revised H2 price stands JPY 32,000/MT at the largest plant Tahara in the central area, JPY 28,000/MT at Takamatsu steel center, JPY 32,500/MT for Kyushu works and JPY 30,000/MT at Okayama works.
The average selling price of H2 assessed in the range JPY 31,500-32,500/MT (USD 284-293), FoB Tokyo and collection rates in Gulf region moved up in the range JPY 31,000-31,500/MT. Following increasing local scrap prices, Japanese scrap suppliers eye high export offers to Vietnam amid tight supply however, demand from South Korea remained limited.
According to SteelDaily's report, South Korean leading importer Hyundai Steel has recently adjusted the price gap between Japanese H2 and Shindachi grade on low demand for high-grade scrap. The price gap was at JPY 8,000/MT earlier which narrowed to JPY 7,000/MT now. While prices for other grades of scrap rem.
source: SteelMint
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