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| Kanto No2 HMS Benchmark Up To Y29,000-29,500 Ex Steelworks |
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Japan's local ferrous scrap market in the Kanto area has advanced to Y29,000-29,500/ton ex steelworks for the benchmark of No2 HMS prices, with a high of Y30,000/ton. Various electric steelmakers operating in the Kanto area have increased what they pay for local ferrous scrap by Y1,000/ton each to meet Tokyo Steel Mfg Co's identical price increase from Sept 16. Among the electric steelmakers concerned are Asahi Industries Co, Kanto Steel Ltd, Godo Steel Ltd, Jonan Steel Corp, Daiwa Steel Corp and Tokyo Tekko Co. At present, arrivals of local ferrous scrap virtually equate with what is consumed at the works of various electric steelmakers in the Kanto area. Also, they see no shortage in ferrous scrap stocks at their works. By comparison, there are variations in ex yard prices of local ferrous scrap in the Tokyo Bay area. As of Sept 16, benchmark prices ex yard were Y28,500-29,000/ton for No2 HMS, Y32,000-32,500/ton for P&S steel scrap, and Y31,500-32,000/ton for Shindachi (new production scrap). Meanwhile, Japan's ferrous scrap export market is caught in a deterioration of the external environment. Trading is quiet at a time when China's buyers stand aloof from the market, while South Korea's electric steelmakers indicate an enhanced wait-and-see position. The Korean steelmakers enjoy increased arrivals of local ferrous scrap at their works. On their part, Japan's trading companies see weak factors predominating that include a fall in the US composite price of ferrous scrap and an appreciating yen to the US dollar in the foreign exchange markets. |
| last modified : Mon 28 Sep, 2009 [09:59] |
