It is reported that Japanese scrap suppliers said that the scrap market in Kanto region may become weak after the vacation during September 23rd 2011 to September 25th 2011.

It is known that Tokyo Steel hiked the scrap purchase prices by JPY 500 per tonne at its Utsunomiya plant on September 14th 2011. However, it remained the scrap purchase prices unchanged at its other four firms.

Currently, the base prices of H2 scrap in Tokyo Bay region were at JPY 34,500 per tonne, which were JPY 1,000 per tonne lower than JPY 35,500 per tonne in Kanto region. At the same time, the base prices of H2 scrap in Osaka region were at JPY 35,500 per tonne.

For the export market, it’s known that Japanese scrap suppliers increased the scrap export prices to South Korea to JPY 36,000 per tonne FOB. However, there is not deal made.

Industry sources said that the prices of JPY 36,000 per tonne might be unfavorable to South Korean customers as they purchased Japanese H2 scrap with prices of JPY 34,000 to JPY 34,500 per tonne FOB previously.

(Sourced from www.yieh.com)