Japan's Tokyo Steel Lowers Scrap Purchase Price at Utsunomiya Works
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 its Utsunomiya plant in Kanto region, while the prices at its other 4 plants remain unchanged. This being the 2nd price cut by the company in Sep’19, the domestic scrap market in Japan continues its sharp downtrend, while the new prices for all grades shall be effective from today (13th Sept'19).
After the said price cut, the company will pay JPY 24,000/MT (USD 229) for H2 scrap delivered at Utsunomiya plant in Kanto region. While the price for H2 delivered to Tahara plant in Central Japan, Okayama plant, Kyushu works (western region) and Takamatsu steel centre remain unchanged at JPY 24,000/MT (USD), JPY 22,500/MT (USD), JPY 24,000/MT (USD) and JPY 21,000/MT (USD) respectively.
After the ‘Kanto Tetsugen’ tender’s result for this month released yesterday witnessed a further sharp decline in winning bids by USD 27/MT, M-o-M, it was being anticipated that Tokyo Steel and other EAF steelmakers would cut their purchase scrap prices further.
The domestic scrap prices have dropped by around JPY 1500-2000/MT in the last 2 weeks alone, however, with the falling global scrap prices and no support from the domestic finished steel sales, it is likely that the decline will continue for the coming weeks.
source: SteelMint
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