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Japanese ferrous scrap market further advanced by JPY 1000 a tonne

TEX reported that Japan 's local ferrous scrap market further advanced by JPY 1,000 per tonne to JPY 36,000 to JPY 36,500 per tonne delivered at steelworks as of April 12th 2011 for the benchmark of No 2 HMS prices in the Kanto area, with a high of beyond JPY 37,000 per tonne.

In the Kanto area, various electric steelmakers increased what they pay for local ferrous scrap by JPY 1,000 per tonne for main grades from April 12th 2011 to meet what pricing leader Tokyo Steel Mfg Co executed from the same date. But Itoh Iron & Steel Co and Jonan Steel Corp executed a larger price increase of JPY 1,500 per tonne each for main grades. As a result, Jonan Steel sets the new delivered price of No 2 HMS at JPY 36,000 per tonne for its Kawaguchi works.

Arrivals of local ferrous scrap are less than adequate as a whole at the works of various electric steelmakers operating in the Kanto area, according to ferrous scrap distributors. Under the existing circumstances, the Kanto market for local ferrous scrap is expected to continue strong, believe many of market sources.

In the Tokyo Bay area, meanwhile, FAS prices of local ferrous scrap moved up by JPY 1,000 per tonne from April 12th 2011. As a result, the new benchmark prices of ex yard supplies are JPY 36,000 to JPY 36,500 per tonne for No 2 HMS. The corresponding prices of high grade material are JPY 40,000 to JPY 40,500 per tonne for P&S steel scrap and JPY 40,500 to JPY 41,000 per tonne for Shindachi.

(Sourced from TEX Report Limited)

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