| News | ||
| Japanese local steel scrap price receded to JPY 31500 per tonne - 09 Sep, 2010 | ||
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TEX reported that Japan's local ferrous scrap market receded to JPY 31,000 to JPY 31,500 per tonne delivered at steelworks as of September 2nd 2010 for the benchmark of No2 HMS prices in the Kanto area, with a high of JPY 33,000 per tonne and a low of JPY 30,500 per tonne. The Kanto market for local ferrous scrap is believed to have peaked out by the end of August 2010. Among electric steelmakers operating in the Kanto area, Jonan Steel Corp reduced what the company pays for local ferrous scrap by Y500 from September 2nd 2010 to JPY 30,500 per tonne delivered at its Kawaguchi works. In the north of the Kanto area, some electric steelmakers show moves to remove an incentive from their purchase prices of local ferrous scrap. As a result, the Kanto market for local ferrous scrap is edging down. Also, Jonan Steel and fellow electric steelmakers favor limiting or stopping intakes of local ferrous scrap at their works. The peers include Asahi Industries Co, Godo Steel Limited, Daiwa Steel Corporation and Chiyoda Steel Co. Behind signs of a further fall in the Kanto market are the repercussions of Japan's ferrous scrap export market for new deals that is trending downward in its basic direction. With a falling export market, FAS prices of local ferrous scrap, too, have declined to JPY 30,500 per tonne for the benchmark of No2 HMS. Besides, there are prospects that moves to correct high prices of local ferrous scrap will pervade various electric steelmakers operating in the Kanto area. Meanwhile, crude steel production by 18 electric steelmakers in the Kanto area is estimated to total 380,000 tonnes in September 2010, up 20% from a month ago. As a result, there is a strong possibility that their requirements of local ferrous scrap in September will increase by 20% from August as well. In this connection, many of market sources expect the Kanto market for local ferrous scrap to indicate only a small decline even if it further falls. (Sourced from TEX Report Limited) | ||
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