Japanese Tokyo
Steel Manufacturing Co reduced the scrap purchase prices by another $6-12/MT (JPY500-1,000/MT) for all grades at all its works effective from 25 October 2012.
Currently, the
Japanese company's buying price for grade H2 scrap at its Tahara and Utsunomiya
works is JPY22,500/MT ($281/MT). Tokyo steel's scrap purchase prices stood at
an average price of $334/MT in October, down by $38/MT M-o-M.
According to a
market source, “Japanese scrap export prices had been trending upwards and
sentiment had improved. But now it is not looking positive in line with the
recent cuts.”
Korea scrap imports totaled at 7.38 million
MT in Jan-Sep 2012
It is reported that
Korea's scrap imports between January and September 2012 have increased by 22% Y-o-Y
to 7.38 million MT. Japan remained the top supplier with 3.55 million MT, up by
76 percent Y-o-Y. US have exported 2 million MT with a decline of 8%. Also, delivery
of US scrap in September was the lowest level this year at 0.15 MT, down
sharply by 43% Y-o-Y.
Moreover, Korea's
largest scrap buyer Hyundai Steel, is also prepare to cut its domestic scrap
buying prices by Won 15,000/MT ($13.6/MT).
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