The main Japanese EAF-based steel producer, Tokyo Steel, has announced a further increase in local scrap prices for four out of five of its assets. The biggest rise has been seen for the Utsunomiya plant - up JPY 2,000/mt ($19/mt), while for the other three assets prices have added JPY 500/mt ($5/mt).
The H2 price levels at Okayama, Kyushu and Takamatsu have been settled at JPY 39,000/mt ($369/mt), JPY 38,500/mt ($364/mt) and JPY 38,000/mt ($359/mt), respectively, JPY 500/mt ($5/mt) above the previous prices, last changed on February 16. Prices at the Tahara plant have been left unchanged this time at JPY 39,000/mt.
The price for H2 scrap for the Utsunomiya asset has been increasing more rapidly - again by JPY 2,000/mt ($19/mt), reaching JPY 39,000/mt ($369/mt). All prices are delivered and effective from February 19. Higher demand for scrap in the local market in Japan is going to persist in the near future, according to sources.
Supported by stronger domestic demand and revived buying in the international market, export prices have also posted a further rise. The SteelOrbis reference price for ex-Japan H2 scrap has increased by JPY 500-1,000/mt ($5-9/mt) over the past week to JPY 40,500-41,000/mt ($383-388/mt) FOB.