Following the previous four consecutive price drops announced by the leading Japanese EAF-based steel producer Tokyo Steel, the company has announced another JPY 500/mt cut today, September 6, effective as of September 7. The negative sentiment in the Asian scrap market and the lack of scrap and steel demand in the region are taking their toll on the Japanese scrap market. Also, some market sources think that the traditional restocking in the autumn season may not happen this year due to the ongoing economic uncertainties.
Tokyo Steel’s general range for H2 grade scrap has declined by JPY 500/mt to JPY 43,000-44,500/mt ($301-312/mt) depending on the mill. The dollar-based equivalent has moved down by $1-2/mt due to the fluctuations of the Japanese yen-US dollar exchange rate.
Shindachi scrap prices of Tokyo Steel have settled at JPY 44,500-45,500/mt ($312-319/mt) delivered, with the lower end represented only by the Takamatsu yard. The dollar-based prices have moved down by $2/mt since yesterday, September 5.
Plant |
H2 scrap |
Shindachi |
||
Price (JPY/mt) |
Price change (JPY/mt) |
Price change (JPY/mt) |
Price change (JPY/mt) |
|
Tahara |
44,500 |
-500 |
45,500 |
-500 |
Nagoya |
43,000 |
-500 |
- |
- |
Okayama |
44,500 |
-500 |
45,500 |
-500 |
Kansai |
44,500 |
-500 |
- |
- |
Takamatsu |
43,500 |
-500 |
44,500 |
-500 |
Kyushu |
44,500 |
-500 |
45,500 |
-500 |
Utsunomiya |
43,500 |
-500 |
45,000 |
-500 |
$1 = JPY 142.73