Major Japanese EAF-based producer Tokyo Steel has announced another scrap purchase price increase for its Utsunomiya plant on Monday, July 27. This is the second correction made by the company since July 16, when it increased prices for the same asset after the previous long-standing downtrend.
Accordingly, Tokyo Steel has raised its H2 scrap price by JPY 500/mt ($4.7/mt) for Utsunomiya to JPY 22,500/mt ($213/mt) delivered. Prices for the other four assets have remained stable so far in the range of JPY 22,000-23,500/mt. The new prices are effective from July 28.
Sentiment in the scrap export market in Japan is still bullish. Late last week, the tradable value for Japanese H2 scrap increased to JPY 24,000-25,000/mt FOB, with the mid-point at JPY 24,500/mt ($232.5/mt) FOB, up by JPY 1,000/mt ($9.5/mt) week on week. For now, most suppliers are offering at JPY 25,000-25,500/mt FOB.
