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|FAS Tokyo Bay Benchmark Down to Y28,000-28,500 for No2 HMS|
With Japan's FAS Tokyo Bay prices of locally available ferrous scrap edging down, they indicated Y28,000-28,500/ton as of Dec 8 for benchmark prices in what the nation's trading companies pay for stocking No2 HMS at captive waterfront yards in the Tokyo Bay area. As a result, the FAS price level of 29,000/ton for No2 HMS virtually disappeared after its occurrence last week. |
In the first half of last week, FAS prices of No2 HMS continued downward for delivery at waterfront yards on the Funabashi Chuo wharf in the Tokyo Bay area, while relatively high FAS prices of the same grade remained for delivery at waterfront yards on the Kawasaki municipal wharf. Then, the relatively high FAS prices there came under correction and different FAS prices were virtually evened out as of Dec 8 at waterfront yards on both wharves.
In the Tokyo Bay area, benchmark FAS prices of high-grade ferrous scrap, too, continued to edge down as of Dec 8 when they stood at Y30,000/ton or so both for P&S steel scrap and Shindachi when a high of their FAS prices receded to Y30,500/ton. As a consequence, the FAS price level of Y31,000/ton for P&S steel scrap is no longer reported after its occurrence last week.
Arrivals of local ferrous scrap have yet to turn upward at waterfront yards in the Tokyo Bay area amid still inadequate arisings of local ferrous scrap and its cargo movements, according to trading companies. For the main reason, they admit that FAS Tokyo Bay prices of local ferrous scrap are much lower than its delivered prices for electric steelmakers operating in the Kanto area. Among the trading companies, there are voices, too, that the current FAS Tokyo Bay market for local ferrous scrap holds weak in a wait-and-see atmosphere. In the background, more shiploadings are expected to start in the latter half of this week for export cargoes from the Kanto Tetsugen cooperative association of ferrous scrap dealers that is supposed to hold its new export tender Dec 10.
|last modified : Mon 15 Dec, 2014 [10:15]|