TOKYO Tokyo Steel Manufacturing Co. Ltd. has raised its scrap buying prices in Japan for a fifth time in two weeks as competition for the raw material grows and export prices increase.
Japans largest electric-arc furnace operator and effective benchmark scrap price-setter is paying an additional 500 yen ($5) per tonne for Sept. 3 deliveries. Its main Utsunomiya Works is paying 35,000 yen ($354) per tonne; its Kyushu, Okayama and Tahara facilities are paying 34,500 yen ($348) per tonne; and its Takamatsu Works is paying 33,500 yen ($338) per tonne.
The latest increase comes after South Korean buyers, including Posco Ltd. and Hyundai Steel Co. Ltd., raised their bids for Japanese scrap by a similar amount.
Tokyo Steels scrap buying prices have increased by 3,500 to 4,000 yen ($35 to $40) per tonne since the beginning of August.
A version of this article was first published in AMM sister publication Steel First.