Demand still supporting Taiwan scrap prices | American Metal Market amm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from amm.com Daily Mail and Mail on Sunday newspapers.
Prices for higher grades of steel scrap exported from Japan continued to increase over the past week, underpinned by strong appetite in the domestic market, sources told Fastmarkets this week.
Large blast furnace mills in the country have boosted their intake of scrap recently - heavy scrap (HS) in particular - putting pressure on buyers overseas to match local steelmaker buy prices.
Key domestic buyer Tokyo Steel has raised its scrap prices at most plants three times in the past 10 days and is now paying ¥42,000 ($389) per tonne for H2 at its Utsunomiya works.
Chinese interest in imported cargoes of HS - the Japanese equivalent of plate and structural (P&S) grade scrap - has risen in recent days, with a major buyer in Vietnam also heard to be active in the market.
Taiwan scrap tags up; supply from US limited | American Metal Market amm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from amm.com Daily Mail and Mail on Sunday newspapers.
Spot prices in the key Vietnamese scrap import market rebounded strongly during the week to Friday February 26, even though buyers with inventories were not actively purchasing due to high prices and the narrow scrap-billet spread, according to market sources.
Japanese H2 was offered at $440-445 per tonne cfr Vietnam in the early part of the week, up by $20 per tonne week on week. But offers increased to $455-460 per tonne cfr Vietnam by Thursday, with bids at $440 per tonne cfr Vietnam, and to $460-465 per tonne cfr Vietnam by Friday.
Buyers were not interested in purchasing H2 cargoes at these prices, preferring instead to purchase domestic scrap.
Tokyo Steel to maintain steady product prices thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.