Japan: Tokyo Steel makes 2nd Price Cut for Scrap Purchase in a Week's Time
As per new price circular released, Japan’s leading EAF mini-mill - Tokyo Steel has lowered its scrap purchase price by JPY 500/MT (USD 5) at all 5 of its plants today. This comes as the 2nd price lowering by the company in a week, while the new prices for all grades shall be effective from today (6th Sept'19).
After the said price cut, the company will pay JPY 24,500/MT (USD 229) for H2 scrap delivered at Tahara plant in Central Japan and JPY 25,000/MT (USD 234) for H2 delivery to Utsunomiya plant in Kanto region. For H2 delivered to Okayama plant, Kyushu works in the western region and Takamatsu steel centre, the new prices stand at JPY 23,000/MT (USD 215), JPY 24,000/MT (USD 224) and JPY 21,500/MT (USD 201) respectively.
As the Japanese domestic market has been in a continuous downtrend since the last 5 months, the domestic scrap prices have fallen successively by around JPY 10,000/MT during this period, from around JPY 34,000-35,000/MT in Apr’19 to JPY 24,000-25,000/MT currently (for H2 scrap)
Even the monthly export tenders from Japan like the ‘Kanto Tetsugen’ have witnessed successive drops in its winning bids over the last 5 months, while Kansai Iron and Steel Federation’s monthly export tender for September’19 too saw its bids lower by USD 28/MT M-o-M.
Amid the current domestic downtrend coupled with a sharp decline in global ferrous scrap market, the industry participants are now awaiting the result of this months Kanto tender, scheduled on 11th of Sept'19, to further understand Japanese scrap price scenario.
source: SteelMint
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