TOKYO Japanese ferrous
scrap prices look set to fall again after Tokyo Steel
Manufacturing Co. Ltd. cut its purchase prices effective April
The steelmaker reduced seaborne
and truck-borne purchase prices of most grades of scrap by
1,000 yen ($10) per tonne to its Tahara plant and 500 yen ($5)
per tonne to its other four units.
As a result, the Tokyo-based
company is now paying 33,500 yen ($344) per tonne for
deliveries to Tahara, 33,000 yen ($339) per tonne for
deliveries to its main Utsunomiya plant, 32,500 yen ($334) per
tonne for deliveries to its Kyushu and Okayama units, and
31,500 yen ($324) per tonne for deliveries to its Takamatsu
Tokyo Steels cuts so far
this month have totaled 1,500 yen ($15) per tonne for
deliveries to Tahara and 2,000 yen ($20) per tonne for those to
the companys other plants.
The latest move follows a brief
period of relative stability in the Japanese ferrous scrap
market after price declines at the beginning of the month were
halted by smaller-than-expected export-price reductions and a
temporary rise in the value of the yen.
Japanese scrap prices have risen about 50 percent over the
past five months as the weakening yen led to a massive jump in
export prices. This has placed huge pressure on the
countrys mini-mills, which are likely to follow Tokyo
Steels example and cut their purchase prices.
A version of this article was first published by AMM sister
publication Steel First.