Japanese scrap prices drop further by $6.5/MT on
smooth supply
It is reported
that Japanese Tokyo Steel
Manufacturing Co, Japan's largest electric steelmaker has cut its scrap purchase
prices by another JPY 500/MT ($6.5/MT) at all 5 plants.
Currently, H2
buying prices at Tahara and Utsunomiya plants are hovering at JPY 25,500/MT
($328/MT).
Further, Japanese scrap
exporters are buying material (H2) at $308-315/MT (JPY 24,000-24,500/MT) FAS
for export.
“Export market is
quiet at the moment and bookings from overseas customers are very low. Korean
mills are booking in very low volume as they expect a further drop. The recent
deal was concluded at $321/MT FOB”, said a major trader in Tokyo.
China: Chinese scrap market remains calm
Price disparity between domestic & import
offers have kept the scrap prices in China stabilized in most regions.
Market prices have been stable despite the uncertainty.
Prices for HMS are prevailing at Chinese Yuan
2,550-2,700/MT ($404-428/MT) including 17% VAT.
According to a
source, “Inquiries from Chinese customers for Japanese scrap have been limited
and they could drop further due to significant price mismatch between local and
import offers.”
“Global suppliers are not likely to drop
their prices at our domestic price levels. They (suppliers) would keep an eye
on the East Asia scrap import market, but also unsure about Chinese buyers to
purchase overseas scrap material in the coming weeks”, said an importer based
in Japan.
1 US$
= JPY 78.27
1 US$
= CHY 6.31
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