Japanese ferrous scrap market price continues to down. Tokyo Steel Manufacturing, Japanese largest electric furnace steel maker, lowered its scrap purchasing price on October 8. Tokyo Steel Manufacturing implemented price cut for 3 days in a row. Other electric furnaces around Tokyo and Osaka followed the company’s price cut. Domestic scrap market price has declined this month since export market price maintains weak.Around Tokyo, regional electric furnace steel makers purchase H2 at around 31,500-32,500 yen per tonne and some pay as high as 33,500 yen. Utsunomiya works of Tokyo Steel Manufacturing decreased the purchase price by 1,000 yen on Saturday. Other steel makers also implemented price cut by 500-1,000 yen until Monday. Local market price became 3,500-4,000 yen lower than the recent peak in September. Local supply and demand balance is currently easy when ferrous scrap shipment is inactive for export, mainly to South Korean steel makers, and for West Japan. Scrap purchasing price by exporters around Tokyo Bay is presently FAS 30,500 yen per tonne, lower than the purchasing price of local steel makers. Thus the market price is weak. Around Osaka, electric furnaces purchase H2 at 32,500-33,000 yen and some pay as high as 33,500 yen. Electric furnaces in Osaka and Himeji area have lowered their purchasing prices by 500 yen after Tokyo Steel Manuafacturing. The purchase price is lower by 2,500-3,000 yen than the recent peak level in September.
Japan Steel Scrap Composite Prices (Sangyo Press)09/28/2023
|50400YEN (-)||52000YEN (-)|
|334.55US$ (-1.27)||345.17US$ (-1.31)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)