Japan: Tokyo Steel Scrap Purchase Price at Utsunomiya hits 2-Month Low
Following fall in average bids fetched in Kanto monthly scrap export tender, the steelmaker has lowered scrap prices by JPY 500/MT today.
As per new price circular released, Japan’s leading EAF steel mini-mill - Tokyo Steel has lowered domestic scrap purchase price by another JPY 500/MT (USD 4.5) at all five works in Japan. New prices for all grades shall be effective from tomorrow (11th Apr'19).
With a recent price cut, the company will pay JPY 32,000/MT (USD 288) for H2 delivered to Utsunomiya plant in the Kanto region while JPY 34,000/MT (USD 306) at Tahara in central Japan and Kyushu works in Western Japan. New prices stand at JPY 32,500/MT for Okayama and JPY 31,000/MT at Takamatsu steel center.
Notably, during last three weeks’ time, prices at Utsunomiya have been lowered by a total JPY 3,000/MT from a peak observed at JPY 35,000/MT on 20th Mar’19. Presently, local demand for scrap remained weak with the availability of supply but there is a possibility of restocking ahead of golden week holidays.
‘Kanto Tetsugen’- Japan’s monthly ferrous scrap export tender for Apr’19 concluded today in the Kanto region. Total 10,100 MT of H2 scrap has been auctioned in two winning bid presented at an average of JPY 32,300/MT (USD 291), FAS in Apr’19.
The equivalent FoB price for Kanto tender’s average bid stands at around JPY 33,300/MT, FoB Japan. The company could have lowered the prices following Kanto’s Tender concluded at expected market levels for Apr’19.
source: SteelMint
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