Domestic steel scrap prices dip in Japan
Far East / Scrap
Japanese EAF steel producer Tokyo Steel has voiced another JPY 1,000/t drop in purchase prices for HMS 2 (the
exchange rate is $1 = JPY 107.1, equivalent to $10/t) for all its mills. Such a major drop of domestic prices will send
export prices further down, market players believe.
New purchase prices from Tokyo Steel will become effective on October
17. The company has already cut prices by JPY 3,500/t ($35/t) since
the beginning of the month.
This trend weakens positions of Japanese scrap exporters. Consumers
are sure that this situation will put pressure not only on prices from
Japanese scrap suppliers, but also on Russian exporters. “Steel mills
in South Korea have not made even temporary bids, as they believe
that there is a bigger room for price cuts,” an importer in South Korea
told Metal Expert.
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