Japan's FAS prices of locally available ferrous scrap in the Tokyo Bay area further fell by Y500/ton to Y31,500/ton as of March 8 as the benchmark of No2 HMS prices for stocking at waterfront yards on main wharves such as the Kawasaki municipal wharf and the Funabashi Chuo wharf. In the background, pricing leader Tokyo Steel Mfg Co reduced what the company pays for local ferrous scrap by a uniform Y500/ton for all grades at its five works from March 8. |
As to high grades of local ferrous scrap, benchmark FAS prices in the Tokyo Bay area further declined by Y500/ton as of March 8 to Y33,000/ton for P&S steel scrap and Y33,500/ton for Shindachi. As of the same date, highs of FAS prices were Y33,500/ton for the former grade and Y34,000/ton for the latter.