Major electric arc furnace (EAF) mill Tokyo Steel on Wednesday announced it would raise its scrap buy prices by ¥500-1,000 ($4.38-8.75) per tonne at some of its works starting Thursday October 21. This marks the second price increase by the mill in three days
and the fifth rise in October so far.
Meanwhile on the export side, South Korean mills have been negotiating in private with Japanese scrap sellers, securing deals at progressively higher prices in the last week, sources told Fastmarkets.
“It is a really hard market for buyers - since Japanese scrap prices are so high, I think Taiwan and Vietnam buyers are now focusing on US-origin HMS scrap. I think they have no choice but to raise their purchase prices because Turkey deal prices are also...