Japan: Tokyo Steel Makes 7th Scrap Purchase Price Cut in April
As per new price circular released, Japan’s leading EAF steel mini-mill - Tokyo Steel has lowered the domestic scrap purchase price by further JPY 500/MT (USD 5) at all five works in Japan.
New prices for all grades shall be effective from 20th Apr'19. This is the 7th consecutive price cut by Tokyo Steel in April ‘19 and 3rd price cut since the opening of this week.
With a recent price cut, the company will pay JPY 31,500/MT (USD 281) for H2 scrap delivered at Tahara in central Japan and Kyushu works in the Western region. While JPY 30,000/MT (USD 268) for H2 delivered to Utsunomiya plant in the Kanto region, JPY 30,500/MT for Okayama plant and JPY 29,000/MT at Takamatsu steel center.
Notably, the steelmaker has lowered price for high-grade scrap 'New breaking press A' delivered at Tahara Plant by JPY 1000/MT to JPY 35,500/MT from JPY 36,500/MT earlier. Low demand for high-grade scrap in the market has resulted in the narrowing of the price gap between high grade and low-grade scrap (H2).
Japan's domestic scrap market shows weakness amid dull sentiments and production activities are expected to be slow due to the upcoming golden week holidays from 26th April.
source: SteelMint
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