Author: Paul Ploumis
23 Oct 2014 Last updated at 02:36:17 GMT
TOKYO (Scrap Monster): According to sources, South Korean steel maker Hyundai Steel plans to purchase H2 scrap from Japan for November delivery. The purchase price is expected to be in the range from ¥ 29,000/ton to ¥ 29,500/ton. The company seeks to purchase around 20,000 tons of Japanese H2 scrap, said sources.
The Japanese H2 scrap base price in the Tokyo Bay region currently averages at ¥ 28,500/ton FAS as of Thursday, 16th October, 2014. The H2 scrap base prices declined sharply in the region, following Tokyo Steel's announcement to cut scrap purchasing prices.
Meanwhile, Tokyo Steel had announced a cut of ¥ 1,000/ton in scrap purchasing prices for all grades effective October 16th, 2014 at all its five steel works.
The scrap purchasing prices at Okayama works in Western Japan were reduced by ¥ 1,000/ton to ¥ 29,000/ton and those in Kyushu works too dropped by ¥ 1,000/ton to ¥ 30,500/ton.
Tokyo Steel's scrap purchasing prices in Tahara works in Central Japan were at ¥ 30,000/ton, while those in Takamatsu steel center were at ¥ 29,000/ton.
The scrap purchasing prices at Utsunomiya works in northern Kanto have now dropped by ¥ 1,000/ton to ¥ 30,500/ton.