Japan: Tokyo Steel Cuts Scrap Purchase Price by USD 5-9
As per new price circular released, Japan’s leading EAF mini-mill - Tokyo Steel has lowered the domestic H2 scrap purchase price further by JPY 1000/MT (USD 9) at its Tahara works, Kyushu works and Takamatsu steel centre, while it has cut price by JPY 500/MT at other 2 works, as Japanese domestic scrap prices continue to slide down. The new prices for all grades shall be effective from tomorrow (26th Jun'19).
After the said price cut, the company will pay JPY 27,000/MT (USD 252) for H2 scrap delivered at Tahara plant in central Japan as well as Utsunomiya plant in the Kanto region while JPY 25,000/MT (USD 234) for Takamatsu steel centre. For H2 delivered to Kyushu works in the western region and Okayama Plant, the new price is JPY 26,500/MT (USD 248)
Notably, H2 bids for both Tahara and Utsunomiya plants have come in line the first time since Mar'19, while the purchase prices for all the plants of the company remained at an all-time low as per data maintained by SteelMint since 2017. This was the 6th price lowering by the Tokyo Steel in June’19, while the company has made 15 successive price cuts since April ‘19.
It is reported that few EAF Steelmakers in Central Japan have also lowered scrap purchase price by JPY 500-1000/MT recently as market conditions remain extremely weak. With the successive downtrend in domestic prices continuing for almost 3 months now, the market is still looking for any indications of stability, despite a slight jump in prices of electrodes and other materials recently.
source: SteelMint
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