On Monday, June 29, Tokyo Steel announced another cut in its local scrap purchase prices. Its prices for H2 scrap have been lowered by JPY 500-1,000/mt ($4.7-9.3/mt) for two plants this time. For the Utsunomiya factory, prices have been reduced by JPY 1,000/mt to JPY 24,000/mt delivered, while for Tahara they have declined by JPY 500/mt to JPY 24,500/mt delivered. The new prices are effective from June 30.
The previous price change was on Friday, when Tokyo Steel cut prices for Utsunomiya. Prices have been falling very rapidly at this plant in late June, indicating a JPY 2,000/mt ($18.6/mt) drop since June 25.
The current ex-Japan scrap price level is assessed at JPY 24,000/mt ($224/mt) FOB, which is in line with one of the deals to South Korea last week.