Japan: Tokyo Steel Cuts Scrap Purchase Price Further by USD 5
As per new price circular released, Japan’s leading EAF mini-mill - Tokyo Steel has lowered the domestic H2 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 (15th June'19)
Following the recent cut in import bids of Japanese scrap by South Korean leading scrap buyer Hyundai Steel, the steelmaker makes the third price cut so far in Jun'19 and the second price cut this week.
With the recent price cut, the company will pay JPY 29,000/MT (USD 268) for H2 scrap delivered at Tahara plant in central Japan and Kyushu works in the Western region while JPY 28,000/MT (USD 259) and JPY 27,000/MT (USD 250) for Okayama plant and Takamatsu steel center respectively.
For H2 scrap delivered to Utsunomiya plant in the Kanto region, the new price has moved down to JPY 28,500/MT (USD 267) witnessing a price revision after almost 1-month gap since 9th May'19.
Prior to this, the steelmaker had cut its scrap purchase price by JPY 500/MT effective on 12th Jun’19, while this the 10th successive price lowering by the company since mid-April, as the market continues observing weak sentiments.
It is being expected that the domestic market may remain weak amid no strong reason to support the prices in the near terms.
source: SteelMint
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