Japan’s Tokyo Steel hikes scrap purchase price after a gap of one month

Japan’s leading EAF mill – Tokyo Steel has announced the first scrap purchase price revision today after witnessing consecutive price cuts since mid-Mar’21. The company has hiked its scrap purchase prices by up to JPY 1,500 ($14) for all five works. The company would now pay JPY 42,500/t ($388) for H2 scrap delivered at Tahara and JPY 41,000/t ($374) for Utsunomiya works. Japanese domestic scrap prices have risen on the back of higher export offers. SteelMint’s weekly assessment for bulk H2 rises by JPY 2,500/t FoB towards the closing of last week after monthly Kanto tender fetched bids higher than the prevailing market price.