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|Kanto No2 HMS Benchmark Flat at Y22,500-23,000 ex Steelworks|
Japan's local ferrous scrap market in the Kanto area changed little at Y22,500-23,000/ton delivered at steelworks as of July 23 for benchmark prices of No2 HMS. As a result, the Kanto market for local ferrous scrap was thought to have stopped sliding then and ferrous scrap dealers began to point out that the Kanto market might be bouncing along the bottom. |
In the Kanto area, Tokyo Steel Mfg Co made no revision in its purchase prices of local ferrous scrap at its Utsunomiya works last week when other electric steelmakers, too, held back on revising what they pay for local ferrous scrap.
Arrivals of local ferrous scrap somewhat declined last week at the works of various electric steelmakers operating in the Kanto area as compared with the previous week, according to ferrous scrap distributors. But it is understood that the electric steelmakers have leeway in ferrous scrap stocks at their works because arrivals of local ferrous scrap continued favorable until the week before, arrivals that hit 100% of consumption levels on average. Besides, there is no feeling of impatience among the electric steelmakers when it comes to replenishing their ferrous scrap stocks because they plan to shut down electric furnaces at their works one after another from this week onward to meet summer production cutbacks.
In the Tokyo Bay area, meanwhile, the going FAS prices of No2 HMS rebounded by nearly Y500 to around Y23,000/ton last week after the FAS prices of local ferrous scrap had shown signs of a rally since the latter half of the previous week. In Japan's ferrous scrap export market, a sense of vigilance is gradually heightening to new deals at prices under the current market level. Meanwhile, arisings of local ferrous scrap are still viewed as continuing slack in the Kanto area. As things now stand, ferrous scrap distributors believe that signs of a future decline are gradually abating in the Kanto market for local ferrous scrap.
|last modified : Fri 31 Jul, 2015 [09:46]|