The largest EAF-based steel producer in Japan, Tokyo Steel, has stopped offering steel products to the local and international markets this week, following the rapid increases in prices seen after Russia’s invasion of Ukraine.
The company is expecting some stabilization in the international market before announcing new steel product prices for both local and foreign customers.
The costs of production could also go up sharply in Japan as scrap prices in Turkey have already come close to $630/mt CFR. The Japanese producer has not changed its local scrap procurement prices since February 14.
Tokyo Steel’s price levels for H2 scrap have stayed at JPY 55,000-57,000/mt ($477-494/mt) delivered.