It's
reported that Japanese Tokyo Steel has cut the purchase price for scrap at its all
five units by US$ 5-6/MT (JPY 500/MT) on March 8th. It has recently lift its
scrap purchase prices by around US$ 12/MT couple of weeks ago.
After
the correction, its latest HMS 2 scrap purchase prices are at an average of US$
400-420/MT (JPY 33,000-34,500/MT).
Meanwhile,
this is the first time that the company cut the scrap purchase prices after it
hiked the prices for consecutive six times since February 14th.
Traders
analyzed that Tokyo Steel's price cut is reasonable as the Japanese Yen is
currently depreciating. At present, Japanese HMS#2 scrap export prices at
around US$ 410/MT (JPY 33,500/MT) FOB.
Following
are the current purchase price (plant wise) for HMS 2 (Unit: JPY/MT):
Okayama: 34,000-34,500
Kyushu: 34,000-34,500
Takamatsu: 33,000
Tahara: 34,500
Utsunomiya: 33,500
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