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Japan: Tokyo Steel keeps steel prices unchanged for Jan'24

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BigMint Bureau

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18 Dec 2023, 16:41 IST

Japan: Tokyo Steel keeps steel prices unchanged for Jan'24

Tokyo Steel, Japan's top electric arc furnace steel producer, have kept steel prices unchanged for January 2024 sales. Notably, the company has been keeping prices stable since August 2023.

Effective prices:

HRC (1.7-22mm): JPY 105,000/tonne (t) ($738/t)

Rebar (D13~25): JPY 98,000/t ($689/t)

H-beam (100-300mm): JPY 127,000/t ($893/t)

Factors influencing prices

Kanto scrap export for Dec'23 tender fetches slight uptick in bids - The Kanto scrap tender in Japan for December revealed an increase in bid prices. The prices rose by JPY 782/tonne (t) ($5/t) m-o-m. A total of 5,500 t were awarded at JPY 51,020/t ($353/t) FAS. The primary driving force behind this upward trend is the stronger yen (JPY) in comparison to the US dollar.

Fluctuations in $ and JPY rate - JPY after depreciating to 151.5 against $ in November, 2023 has now witnessed appreciation and is currently seen trading at 142 levels.

Global steel prices remain supported - Baosteel raised HRC and thick plate prices by RMB 200/t ($28/t) m-o-m. The Vietnamese steel major- Formosa Ha Tinh (FHS) has also raised HRC offers by $20-$25/t CIF Ho Chi Minh City (HCMC), pushing skin pass HRC prices to $590-$595/t CIF depending on the order.