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Japan domestic steel scrap prices are expected to continue strong
Japan's domestic market prices of locally available ferrous scrap are expected to continue strong in their basic tonne for a while indicates a predominant view among the parties concerned. For the main factor market sources point out that electric steel makers need to stock up on local ferrous scrap in preparations for consecutive holidays of January 12th to 14th in addition to replenishing ferrous scrap stocks at their works.
According to market sources, in Japan's ferrous scrap export market meanwhile definite offer prices of new exports are limited in number so far but more trading companies are opting to make price indications of CNY 31,000 per tonne FOB or over for No2 HMS. There is a strong possibility that the nation's ferrous scrap export market for new deals will hold strong for some time leading to upward pressure on its domestic ferrous scrap market as well.
In the Kanto area benchmark prices of No2 HMS were around CNY 28,500/tonne delivered at steelworks as of January 7th 2013. There were many cases of No2 HMS selling for CNY 28,000-29,000/tonne delivered at steelworks down nearly CNY 4,000 from what predominated at the corresponding time of last year. Cargo movements of local ferrous scrap were slow as of January 7th 2013 because the date marked the first business day of the new year for many ferrous scrap dealers.
The Kanto Tetsugen cooperative association of ferrous scrap dealers is expected to hold its export tender next week for February shipment. It is considered virtually certain that the average of winning bids for No2 HMS in the new export tender will advance from the previous one of CNY 26,655/tonne FAS Tokyo Bay.
In the Osaka area, many of No2 HMS prices concentrated in a range of CNY 27,000 to 28,000 per tonne delivered at steelworks as of January 7th when they changed little from the end of last year. Arrivals of local ferrous scrap stood at 90 to 95% of consumption levels on average at the works of various electric steelmakers in the final week of December 2012 according to ferrous scrap distributors. On their part ferrous scrap dealers claim no atmosphere for expediting deliveries in what they sell given the outlook for an ascending Osaka market. Accordingly cargo movements of local ferrous scrap could remain stable for some time in the Osaka area market observers believe.
In the Okayama area Tokyo Steel Mfg Co sets the delivered price of No2 HMS at CNY 27,500 per tonne for seaborne or overland arrivals at its works. In the Himeji area Yamato Steel Co sets the delivered price of No2 HMS at CNY 27,000 per tonne for overland arrivals at its works in which a freight rate subsidy of CNY 500 per tonne applies separately.
Under the existing circumstances the going prices of No2 HMS ex steelworks in western Japan are lower by CNY 500 to CNY 1,000 per tonne the ones in the Kanto area.