fob Japan scrap market participants expect further price increases
China buyers remain wary amid production cuts
Japanese H1&H2 scrap (50:50) loses appeal in Taiwan
Tokyo Steel, Japan’s largest operator of electric-arc furnaces, raised its purchase prices for steel scrap by ¥500-1,000 ($4.60-9.10) per tonne at three of its steel works from Wednesday.
"Tokyo Steel's production is up this month and supply of scrap has been tight, particularly in the Kyushu and Okayama areas, and it has not been able to get enough of it," a Japanese scrap trader said.
Japanese sources told Fastmarkets that the rise in Tokyo Steel’s purchases prices led to suppliers holding on to material and refusing to offer large quantities on Wednesday amid expectations of another impending price increase.