Ferrous Scrap Price Seems at Peak in Tokyo
Ferrous scrap price in Tokyo seems to be at peak. Electric furnace
steel makers wait and see the movement when offshore market toned down
in early August. There is no additional price hike after Godo Steel
raise purchase price by 500 yen to 14,000 yen per tonne for H2 on
August 1 and Tokyo Steel Manufacturing increase purchase price by 500
yen to 15,700 yen for special high grade. The market price, however, is
likely to move cautiously through traditional mid-summer holiday with
negative factor of decreasing price for pig iron in Asia.
Electric furnaces purchase H2 scrap at between 14,000 and 15,700 yen
per tonne in Tokyo. The international price is stable now because Asian
steel makers almost finished to secure their requirement. Tokyofs 7
makers are to idle operation or stop accept scrap during shutdown in
mid-August easing market possibly.
Scrap export price from Tokyo is at FAS 14,800 to 15,000 yen while
domestic vessel price is at FAS 15,000 to 15,300 yen per tonne. Scrap
export price for Asia seems to be peak at FOB 16,800 yen or FAS 15,800
yen for South Korea and at C&F $169 to 170 or FAS 16,400 yen for Taiwan.
Pig iron price, which is said to be $10 higher than US no.1 heavy
melting scrap price in general, is at as low as C&F $175 in recent
tender from $182 to 185. Scrap offshore market will possibly experience
adjustment phase from now.
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