Asian scrap prices go down following drop in Kanto tender and Tokyo Steel’s cuts

Friday, 13 September 2019 14:33:16 (GMT+3)   |   Istanbul

Prices for imported scrap in Asia have decreased further as sentiments have remained bearish. Tokyo Steel has announced another cut in its scrap purchase prices and Kanto Tetsugen tender has been closed at lower levels. Ex-Japan scrap offers have touched JPY 25,000/mt ($231/mt) FOB this week, JPY 1,000/mt ($9.3/mt) down from the last week’s deal price level.

Small tonnages of Japanese H2 scrap have been sold to Vietnam at $260/mt CFR recently, $20/mt below offers recorded last week. Moreover, offers for ex-US HMS I/II 80:20 scrap by bulk have also lost $15-20/mt, coming to $270/mt CFR. “It’s going to drop a little bit more,” a Vietnam-based trader said.

Following the recent price decline by $32/mt to below JPY 25,000/mt ($231/mt) FAS in September Kanto Tetsugen export tender in the middle of this week, the leading EAF steelmaker in Japan Tokyo Steel has announced another fall in its scrap purchasing price on Friday, the third time this week. The prices at Okayama and Utsunomia plants have lost JPY 500/mt ($4.6/mt) and have come to JPY 22,000/mt ($204/mt) and JPY 23,500/mt ($217.5/mt) delivered, respectively. This announcement has followed the same decrease at Utsunomia asset just yesterday. Scrap prices at all other plants of Tokyo Steel have remained stable at the range of JPY 21,000-24,000/mt ($194-222/mt) delivered.

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