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’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.