Japan: Tokyo Steel Scrap Purchase Price at Utsunomiya hit 3-Month Low
As per new price circular released, Japan’s leading EAF steel mini-mill - Tokyo Steel has lowered domestic scrap purchase price by JPY 500/MT (USD 5) at all five works in Japan. New prices for all grades shall be effective from tomorrow (16th Apr'19).
With a recent price cut, the company will pay JPY 32,500/MT (USD 290) at Tahara in central Japan and Kyushu works in the Western region. While JPY 31,000/MT (USD 278) for H2 delivered to Utsunomiya plant in the Kanto region, JPY 31,500/MT for Okayama plant and JPY 30,000/MT at Takamatsu steel center.
Notably, H2 purchase price at Utsunomiya plant was last seen at JPY 31,000/MT on 8th Jan'19 thus, prices have hit 3 months low.
The steelmaker has lowered price for high-grade scrap 'New cutting press A' by JPY 1000/MT at Utsunomiya amid low demand for high-grade scrap in the market. Moreover, last week Hyundai Steel presented bids only for H2 by lowering prices further JPY 500/MT to JPY 32,500/MT, FoB.
Participants anticipate that Japanese scrap prices may continue downtrend as the supply-demand situation is not being considered as tight amid slow demand from overseas markets and upcoming Golden week holidays may keep production activities slow.
source: SteelMint
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