Japanese steelmaker, Tokyo steel has revised its ferrous scrap purchase prices by $9-18/mt on Monday, after keeping them flat since April 21.
The steelmaker raised bids by JPY2,000/mt ($18/mt) for all the grades at Utsunomiya and Tahara works, effective May 11. While at the other three works, purchase prices were raised by JPY1,000/mt ($9/mt).
Revised bids for #2 HMS are at JPY46,000/mt ($422) delivered Tahara, JPY45,000/mt ($413) delivered Okayama, JPY44,500/mt ($409) delivered Kyushu, JPY44,000/mt ($404) delivered Utsunomiya and JPY43,500/mt ($399) delivered Takamatsu.
Revised bids for shredded are at JPY47,500/mt delivered Tahara, JPY45,500/mt delivered Okayama, JPY45,000/mt delivered Kyushu, JPY44,500/mt delivered Utsumnomiya, and JPY44,000/mt delivered Takamatsu.
Revised bids for #1 busheling are at JPY49,000/mt delivered Tahara, JPY46,000/mt delivered Okayama, Kyushu, and Utsunomiya, and JPY44,500/mt delivered Takamatsu.
Revised bids for HS grade equivalent to P&S 5ft are at JPY48,500/mt delivered Tahara, JPY47,000/mt delivered Okayama, JPY46,500/mt delivered at Kushu, JPY46,000/mt delivered Utsunomiya and JPY45500/mt delivered Takamatsu.
With Japanese buyers turning active in the market after the Golden week holidays, sellers turned bullish. A sharp rise in the global iron ore prices also supported prices for Japanese ferrous scrap. Most exporters are waiting for the Kanto scrap export tender scheduled on May 11 for clarity in price direction.
The daily Davis Index for US-origin containerized HMS 1&2 (80:20), Monday, settled at $440/mt cfr Taiwan up $3/mt from Friday. Offers for the HMS 1&2 (80:20) were in the range of $440-445/mt cfr Taiwan amid tight supply. Steel prices have surged by CNY200-300/mt on Monday in China keeping sentiment positive. Feng Hsin Steel hiked domestic HMS scrap purchase bids by TWD300/mt ($10/mt) to TWD11,200/mt delivered yards, while rebar offers by TWD500/mt to TWD20,700/mt ex works.
($1 = JPY108.70, TWD = 27.70)