Tokyo Steel cuts local scrap prices further, still room for further drop

Wednesday, 13 July 2022 14:05:33 (GMT+3)   |   Istanbul
       

The main EAF-based steel producer in Japan, Tokyo Steel, has announced a further drop in its local scrap purchasing prices, by another JPY 1,000-1,500/mt, effective from July 13. However, the current domestic scrap prices in Japan are still significantly higher than export quotations, meaning that space for further declines in the Japanese market still persists.

After the reduction announced by Tokyo Steel yesterday, July 12, prices for H2 scrap have dropped to JPY 47,500-49,500/mt ($347-361/mt) depending on the mill, down by JPY 1,500/mt from the price levels shared by SteelOrbis on July 8. Dollar-based prices have decreased by $14-15/mt.

Though Tokyo Steel has already cut prices four times in July, the local H2 scrap price levels in Japan are still higher than in the international market. The latest Kanto export tender was closed at JPY 44,554/mt FAS, which is almost JPY 4,000/mt ($29/mt) lower than the local price for Utsunomiya, located also in the Kanto area.

The Tokyo Steel’s shindachi scrap prices have decreased to the range of JPY 50,000-52,000/mt ($365-380/mt), down by JPY 1,500/mt on both the higher and lower ends of the range. Prices have indicated a $15/mt decrease since July 8.

Plant

H2

Shindachi

Price (JPY/mt)

Price change (JPY /mt)

Price (JPY/mt)

Price change (JPY/mt)

Tahara

49,500

-1,500

52,000

-1,500

Nagoya

49,000

-1,500

-

-

Okayama

49,000

-1,000

51,500

-1,000

Kyushu

49,000

-1,000

51,000

-1,000

Utsunomiya

48,500

-1,500

50,000

-1,500

Takamatsu

47,500

-1,500

50,000

-1,500

 


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