Japan: 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 effective from tomorrow (28th Feb).
With a recent price hike, the steelmaker has witnessed a sixth successive hike in local scrap purchase price in Feb'19 pulling prices last 3 months high in Japan.
The company will pay JPY 34,000/MT (USD 308) for H2 scrap delivered to Utsunomiya plant situated in the Kanto region. While revised H2 price stands JPY 33,000/MT at the largest plant Tahara in the central area, JPY 33,500/MT for Kyushu works, JPY 29,000/MT at Takamatsu steel center and JPY 31,000/MT at Okayama work.
Prices have increased by a total JPY 3,000/MT at Utsunomiya and Tahara plants while by JPY 3,500/MT at Okayama plant in Feb'19.
The average H2 offers assessed in the range JPY 33,500-34,000/MT (USD 303-308), FoB Tokyo and collection rates in the Gulf region remained in the range JPY 32,000-32,500/MT. Following rising outlook on local scrap prices, Japanese scrap suppliers eye high export offers in Kanto region.
According to prices maintained with SteelMint, Japanese domestic scrap prices maintain upward trend usually during the first quarter of the calendar year. The current Japanese scrap prices are still around JPY 2,000/MT lower against levels that were recorded in Feb'18 last year.
According to SteelDaily's report, South Korean steel market was strong in March month in past three years. However, whether the bullish trend will continue or not will be decided by domestic distribution volume and Japanese scrap price trend. Retailers expect local scrap prices to rise further by KRW 20,000-30,000/MT (USD 18-27) in Mar'19 however, after mid-Mar'19 it may turn again.
Around 242,000 MT of US bulk scrap that was booked in Jan'19 is expected to arrive in Mar'19 in South Korea. On high inventories, Hyundai Steel has not bid for Japanese scrap in the last one month time but participants are waiting for its bidding which will add more clarity.
source: SteelMint
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