IRON and STEEL
Scrap & Recycling
Steelmaker cuts scrap prices further by JPY 500-1000/MT (USD 4-9) today
Japan’s leading EAF steel mini-mill - Tokyo Steel has observed second price revision this month after 1st Dec'18 today. As per new price circular released, scrap prices lowered further by JPY 500/MT (USD 4) at Tahara, Utsunomiya and Kyushu works while that of JPY 1000/MT at Okayama plant and Takamatsu steel center of the company in Japan. New prices shall be effective from tomorrow.
Tokyo steel’s H2 prices stand at JPY 31,000/MT (USD 274) for largest plant Tahara. Revised prices hit almost 14 months low as similar price levels were seen on 7th Oct'17 at Tahara in central Japan.
Revised price for H2 stands at JPY 30,500/MT at Okayama works in western Japan and for the same grade prices noted at JPY 29,500/MT for its Takamatsu steel center, JPY 32,500/MT for Kyushu plant and JPY 32,000/MT for Utsunomiya plant located in the Kanto region.
According to reports, last week South Korean Hyundai Steel placed bids for Japanese H2 at JPY 30,500/MT, FoB Japan. Which is still lower by JPY 1500/MT than current price at Utsunomiya Works.
Following this, Japanese scrap export prices are likely to come under pressure further but offers remain limited at the moment. Market remains uncertain with no signs of price bottom yet even after sharp fall in the prices.