Posted on 03 Mar 2021
Japanese scrap prices are still rising, Kallanish notes.
Tokyo Steel has once again raised its scrap procurement prices, announcing a JPY 500/tonne ($5/t) hike for all its steelworks. Japan’s leading electric arc furnace operator will pay JPY 41,500/t ($389/t) for H2 scrap trucked to its Utsunomiya steelworks effective 3 March. During the month of February, the company raised its scrap purchase prices to the steelworks six times for a total of JPY 12,000.
Offers were prevailing at $455-460/t cfr southern Vietnam on Tuesday morning, a Vietnamese trader says. But after the latest lift in Tokyo Steel prices announced on Tuesday afternoon, offers should rise to $460/t cfr minimum, he estimates.
An export booking for Japanese H2 scrap closed at $453/t cfr southern Vietnam last Friday. Also, some trading sources hear Japanese H1/H2 50:50 was booked at $455/t cfr either at the end of last week or early this week. H2 scrap was previously booked on 18-19 February at $425/t cfr Haiphong.
Source:Kallanish
