Japan’s electric arc furnace steelmaker, Tokyo Steel lowered its prices for domestic ferrous scrap by JPY500/mt ($5/mt) on Tuesday for all five of its works, effective Jan 29. The company had lowered ferrous scrap prices by JPY500/mt earlier on Jan 25.
In the five days period, prices lowered by a total of JPY1,000/mt amid subdued demand for finished steel in Japan.
After this latest price revision, Tokyo steel will pay JPY24,000/mt for Japanese H2 scrap delivered to its Tahara plant in the central region and Utsunomiya plant in the Kanto region. The purchase prices for Japanese H2 scrap delivered to Okayama plant are at JPY22,500/mt and delivered to Takamatsu steel center are at JPY21,500/mt.
The revised prices for Busheling are at JPY26,500/mt and JPY26,000/mt del Tahara and Utsunomiya plants, respectively. Shredded scrap delivered to Tahara and Utsunomiya plants are priced at JPY25,500/mt and JPY24,500/mt, respectively.
On Jan 20, the steelmaker announced its sales prices for H beam and rebar which were flat for a fourth successive week. The prices for steel bars, including rebar were at JPY62,000/mt ex-plant ($563/mt) and H-shaped beams at JPY83,000/mt for February deliveries, unchanged from mid-October.