With FAS prices of locally available ferrous scrap edging up in the Tokyo Bay area, ex yard prices indicate a benchmark of Y27,500-28,000/ton for No2 HMS so far, a situation where arrivals of material are hard to assure at low ex yard prices.
Some trading companies are reacting with moves to pay high prices of around Y28,500/ton ex yard for No2 HMS. The idea is to stock up on cargoes before the consecutive holidays of Sept 19-23, given continued slack arisings of local ferrous scrap.
On ex yard terms, the current benchmark prices of high-grade ferrous scrap in the Tokyo Bay area are Y31,000-31,500/ton for P&S steel scrap and Y30,500-31,000/ton for Shindachi (new production scrap). |
