The main Japanese EAF-based steel producer, Tokyo Steel, has announced a further cut in its local price on February 2, decreasing prices for four out of five of its assets. Sources said that there are signs of a slowing down of the downtrend in Japan, even despite this recent move.
Prices for H2 scrap for four plants have been lowered by JPY 500-1,000/mt ($4.5-9.5/mt) this time.
The price level at the Tahara Works has been lowered by JPY 500/mt to JPY 38,000/mt ($362/mt), while for three other assets - Okayama, Kyushu and Takamatsu - prices for H2 have been dropped by JPY 1,000/mt to JPY 37,500/mt ($357/mt), JPY 37,000/mt ($353/mt) and JPY 36,500/mt ($348/mt), respectively.
Tokyo Steel has rolled over the price for its Utsunomiya asset at JPY 29,000/mt ($276/mt). The price level at the Utsunomiya plant is not representative of the whole market for now due to maintenance. All prices are delivered and effective from February 3.
The SteelOrbis reference price for ex-Japan H2 scrap has remained at the level of late last week at JPY 35,000-36,500/mt ($333-348/mt) FOB, with sources adding that suppliers are not widely offering at the lower end of the range.