A South Korean steelmaker purchased 10,000 tonnes of H2 scrap at ¥36,480 ($350) per tonne fob Japan on January 26, Fastmarkets heard.
But after this deal, key Japanese scrap buyer Tokyo Steel reduced its purchase prices by another ¥3,000 per tonne, thus dropping the import market again.
Tokyo Steel has slashed its buy prices every day in the past week, with its latest purchase prices down by ¥1,000 per tonne day on day at all of its steelworks except for Utsunomiya starting January 30.
A second South Korean steelmaker on Thursday then bid ¥35,000 per tonne fob for H2 and ¥39,000 per tonne fob for HS, shredded and Shindachi busheling.
“Tokyo Bay collection prices fell again, but I’m not sure how many...