News Room - Steel Industry

Posted on 12 Sep 2008

Tokyo Steel to raise scrap purchasing price

Tokyo Steel Manufacturing Co, the giant in Japanese scrap market, announced to raise their scrap purchasing price to ??43,000?`45,000/ton today, up by ??3,000/ton, confirming the bottom-up of Japanese scrap market started last week.

 

On the other hand, U.S. scrap export prices are going up too. It?fs reported that the latest price of 30,000 tons bulk scrap (80:20) to Korean electric furnace steel mill is traded at C&F US$440/ton. At the same time, price of U.S. container scrap to Taiwan has been lift up to C&F US$370/ton from its earlier bottom of C&F US$350/ton.

 

The rebound of scrap price will no doubt be a strong stimulation to the dropping rebar market, said an analyst. Market participants believe that the bounce back of scrap price would end the downturn of rebar price and activate the weak demand.