Tokyo steel has cut its ferrous scrap purchase prices by JPY500-JPY1,000/mt, depending on the grade for deliveries to four of its five works effective July 20. Bids at the Utsunomiya plant have been kept unchanged. A rise in COVID-19 cases has impacted market sentiment.
On Sunday, 1008 new infections were reported in Tokyo, the fifth day where infections crossed the 1000 mark. Fear of yet another wave in the country has impacted the market.
After the revision, bids for #2 HMS were at JPY50,000/mt ($455.63/mt) del Tahara, down by JPY1,000/mt ($9.11/mt). While bids for the grade are at JPY50,500/mt ($460.19/mt) del Okayama, JPY49,000/mt ($446.52/mt) del Kyushu, and JPY49,000 ($446.52/mt) del Takamatsu, down by JPY500/mt ($4.56/mt).
Revised bids for #1 HMS were at JPY51,700/mt ($471.12/mt) del Tahara, down by JPY1,000/mt ($9.11/mt). Bids for the grade are at JPY51,200/mt ($466.57/mt) del Okayama, JPY49,700/mt ($452.90/mt) del Kyushu, and JPY49,700/mt ($452.90/mt) del Takamatsu, down by JPY500/mt ($4.56/mt).
Revised bids for HS equivalent to P &S 5ft were at JPY52,500 ($478.41/mt), down by JPY1,000/mt ($9.11/mt). While at other works, they are at JPY52,500/mt ($478.41/mt) del Okayama, JPY51,000/mt ($464.75/mt) del Kyushu, and JPY51,000/mt ($464.75/mt) del Takamatsu, down by JPY500/mt ($4.56/mt).
Purchase prices for shredded were at JPY51,500 ($469.30/mt), down by JPY1,000/mt ($9.11/mt). At Okayama, Kyushu, and Takamatsu, bids for shredded were cut by JPY500/mt to JPY51,000/mt ($464.75/mt), JPY49,500/mt ($451.08/mt), and JPY49,500/mt ($451.08/mt), respectively.
($1 = JPY109.74)