Japan’s Tokyo steel has lifted bids for domestic scrap effective Dec 7 by JPY500/mt ($5/mt); marking its second increase this week. Rising global scrap prices and bullish exporters caused triggered the increases.
Tokyo Steel raised bids at most plants barring Okayama plant where prices were kept unchanged. After the latest price revision, Tokyo Steel will pay JPY24,500/mt ($225/mt) for H2 delivered Tahara and Utsunomiya. Bids for H2 into Okayama were unchanged at JPY24,500/mt.
Bids for new cutting press A and B rose to JPY27,000/mt and JPY26,500/mt delivered Tahara and Utsunomiya, respectively.
Earlier this week, the producer raised prices by JPY500/mt for scrap delivered to Tahara and Utsunomiya.
Japan’s suppliers now await results of the benchmark Kanto tender on December 12 that will offer clarity on market direction.