Tokyo Steel continues to cut its local scrap prices

Wednesday, 05 October 2022 14:19:11 (GMT+3)   |   Istanbul
       

The major EAF-based steel producer in Japan, Tokyo Steel, has continued to cut its local scrap procurement prices in the fourth successive decline announced by the mill. The reduction today, October 5, amounted to JPY 500-1,000/mt, depending on the plant, this time including the Kyushu plant where prices had been kept stable in the last price announcement. It is observed that South Korean steelmaker Hyundai Steel reduced its bids for Japanese H2 scrap and that Tokyo Steel’s move is very similar to the price softening seen in the export segment.

Tokyo Steel’s general range for H2 grade scrap is now at JPY 46,500-49,500/mt ($322- 343/mt) depending on the mill, decreasing by $3/mt on the lower end and by $6/mt on the upper end due to the fluctuation of the Japanese yen-US dollar exchange rate. The lowest prices are still at the Takamatsu plant, while the upper end is now represented by the Okayama, Kyushu and Utsunomiya plants.

Tokyo Steel’s general range for shindachi scrap is currently at JPY 48,500-51,500/mt ($336-357/mt). Its dollar-based prices have decreased by $2/mt on the lower end and by $6/mt on the upper end. All prices in question are delivered and effective as of October 6. Exchange rate fluctuations are taken into consideration when calculating the dollar-based price changes.

Plant

H2

Shindachi

Price (JPY/mt)

Price change (JPY /mt)

Price (JPY/mt)

Price change (JPY/mt)

Tahara

48,500

-500

49,500

-500

Nagoya

48,000

-500

-

-

Okayama

49,500

-500

51,500

-500

Kyushu

49,500

-1,000

51,500

-1,000

Utsunomiya

49,500

-500

51,000

-500

Takamatsu

46,500

-500

48,500

-500

$1 = JPY 144.38


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