Japanese domestic ferrous scrap prices fell by JPY1,000/mt ($9/mt) on Friday. The total price drop in both domestic and export market were JPY2,000-2,500/mt ($18-23/mt) in a week’s time. 

 

Tokyo Steel slashed its ferrous scrap purchase price for the third time in a week. The mill lowered bids for scrap purchase by JPY1,000/mt at all five of its plants effective Feb 8. 

 

New bid for #2 HMS is at JPY21,000/mt del Utsunomiya plant in the Kanto region effective Feb 8. Bids for #2 HMS in Tahara, Kyushu, Okayama and Takamatsu were revised to JPY21,500/mt, JPY21,000/mt, JPY20,000/mt and JPY19,000/mt, respectively. 

 

Bids for Busheling dropped by JPY1,000/mt to JPY23,500/mt del Tahara and to JPY23,000/mt del Utsunomiya.

 

The steelmaker has lowered its ferrous scrap prices a sixth successive time since Jan 25.  

 

Taiwan

Taiwan’s domestic ferrous scrap and rebar prices continued their downtrend in line with lowering global ferrous scrap prices. The domestic scrap prices dropped by a total of NT$500-700/mt delivered to steel mills this week.

 

Feng Hsin Steel lowered ferrous scrap purchase prices twice this week. Effective Feb 8, the steelmaker lowered domestic heavy melt scrap prices by NT$200-400/mt depending on the grade. Feng Hsin will pay NT$6,700/mt for domestic HMS 1&2 (80:20) delivered Taichung plant, down NT$300/mt from the prior week announced on Feb 1. 

 

In Taiwan  domestic market, weak finished steel demand pressured rebar prices downwards. Japanese billet offers were at $430/mt cfr Taiwan and Grade 40 billet from South east Asian supplier traded at $420-425/mt cfr Taiwan, down $10/mt from the prior week.

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