The leading Japanese EAF steel producer Tokyo Steel has announced another cut for its scrap procurement prices, cutting them by JPY 500/mt for all assets, effective from August 27. Due to the movements of Japanese yen-US dollar exchange rate, this price reduction on Japanese yen basis had no impact on dollar-based quotations. Market sources report that Russian A3 grade scrap is in competition with Japanese H2 in Asia, A3 scrap prices being at around $340/mt CFR South Korea. This contributed to the lower demand received from Vietnam and Taiwan to make it easy for Tokyo Steel to arrange its local scrap procurement prices.
Tokyo Steel’s general range for H2 grade scrap has settled at JPY 45,000-46,000/mt ($312-319/mt) depending on the mill. The dollar-based equivalent has remained unchanged.
Shindachi scrap prices of Tokyo Steel have settled at JPY 46,000-47,500/mt ($319-329/mt) delivered, while the dollar-based prices have moved sideways.
Plant |
H2 scrap |
Shindachi |
||
Price (JPY/mt) |
Price change (JPY/mt) |
Price change (JPY/mt) |
Price change (JPY/mt) |
|
Tahara |
46,000 |
-500 |
47,000 |
-500 |
Nagoya |
45,000 |
-500 |
- |
- |
Okayama |
46,000 |
-500 |
47,000 |
-500 |
Kansai |
46,000 |
-500 |
- |
- |
Takamatsu |
45,000 |
-500 |
46,000 |
-500 |
Kyushu |
46,000 |
-500 |
47,000 |
-500 |
Utsunomiya |
46,000 |
-500 |
47,500 |
-500 |
$1 = JPY 144.42