- Tokyo Steel raises H2 scrap buying prices again
- Vietnam export demand supporting Japan scrap market
Japan Metal Daily: Japan’s Kanto scrap market remained on an upward trend, with electric furnace mills continuing to raise purchase prices by JPY 1,000/t ($6/t) amid firm export demand and tightening market sentiment. Tokyo Steel increased its H2 purchase prices to JPY 54,000/t ($342/t) across all bases from 13 May, marking the highest level seen in more than three years. The company stated that the increase was mainly driven by strong export demand from Vietnam, following the Kanto Tetsugen Cooperative Association’s export tender, which achieved JPY 54,602/t ($346/t) FAS for 10,000 t of H2 scrap.
Bay-area H2 prices were largely heard at JPY 53,500-54,000/t ($339-342/t), with some higher indications reaching JPY 54,500/t ($345/t). Despite the bullish momentum, market sentiment remained mixed as several mills chose to keep purchase prices unchanged due to sufficient inventories. At the same time, some traders and yard operators became cautious over a potential short-term price ceiling, accelerating shipments to secure sales before the market potentially stabilizes.
This article is published in accordance with a content exchange agreement between Japan Metal Daily and BigMint.
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