The main Japanese EAF-based steel producer, Tokyo Steel, has increased local scrap purchase prices again - for all five of its assets by $5/mt this time. Prices have come closer to JPY 40,000/mt ($379/mt), which means that export prices from Japan have room to go up further.
The H2 price levels at Tahara and Okayama have reached JPY 39,500/mt ($374/mt), up by JPY 500/mt ($5/mt). For Kyushu and Takamatsu, prices have increased to JPY 39,000/mt ($369/mt) and JPY 38,500/mt ($364/mt), respectively. The previous price change the company made was on February 18.
The price for H2 scrap for the Utsunomiya asset has risen by JPY 500/mt as well to JPY 39,500/mt ($374/mt). All prices are delivered and effective from February 23.
Last week, export prices for H2 scrap from Japan added $5-9/mt, but, taking into account the recently disclosed sales to Vietnam, the price level has increased further. The latest bookings for H2 scrap were made at $425/mt CFR last week, while offers have increased to $435/mt CFR and above for now.
As a result, the SteelOrbis reference price for ex-Japan H2 scrap has been increased by another JPY 500/mt ($5/mt) since late last week to JPY 41,000-41,500/mt ($388-393/mt) FOB.