Japan's Tokyo Steel Hikes Scrap Price Further by USD 5
Tokyo Steel's 2nd price hike in March, H2 prices at Utsunomiya plant increased by Yen 3500 (USD 31) against the price revision made a month back on 14 Feb'19.
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 (06nd Mar'19).
The company will pay JPY 35,000/MT (USD 313) for H2 scrap delivered to Utsunomiya plant situated in the Kanto region. While revised H2 price stands JPY 34,000/MT at the largest plant Tahara in the central area, JPY 34,500/MT for Kyushu works, JPY 30,000/MT at Takamatsu steel center and JPY 32,000/MT at Okayama work.
The average H2 offers assessed in the range JPY 34,000-34,500/MT (USD 300-308), FoB Tokyo and collection rates in the Gulf region remained in the range JPY 33,000-34,000/MT. Following Tokyo's price hike, many EAF steelmakers have lifted scrap prices in the Kanto region amid continuing supply and demand tightness. Profit margins of Japanese scrap exporters is shrinking due to rapid rise in domestic prices.
source: SteelMint
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