Major Japanese EAF-based steel producer Tokyo Steel has announced a scrap purchase price cut for its Utsunomiya plant on March 10. This is the first downward correction made by the producer since early February.
As a result, the H2 scrap purchase price for the Utsunomiya plant has moved down to JPY 42,000/mt ($386/mt), JPY 500/mt ($4.6/mt) below the previous level.
Prices for the other four assets of Tokyo Steel have remained unchanged so far. The H2 price at the Tahara Works is at JPY 42,500/mt ($391/mt). At Okayama, Kyushu and Takamatsu, prices are stable at JPY 41,500/mt ($382/mt), JPY 41,000/mt ($377/mt) and JPY 40,500/mt ($372/mt), respectively. All prices are delivered and effective from March 11. Though prices in JPY for these four plants have been rolled over, their equivalents in US dollars have posted a decline of around $5/mt amid visible depreciation of the Japanese currency, which has declined from $1 = JPY 104.64 on February 10 to $1 = JPY 108.76 on March 10.