Japanese steel producers which use electric-arc furnaces (EAFs) are being forced into raising their purchasing prices for ferrous scrap feedstock despite there being no upward movement in their steel sales prices, sources in Japan have told Fastmarkets.
On Tuesday May 26, key EAF mill Tokyo Steel raised its bid price for steel scrap by ?500 ($5) per tonne at all its steelworks except in Tahara, where it raised bids by ?1,000 per tonne. The firm is now bidding for H2 scrap at ?19,500 ($181) per tonne for its Utsunomiya works.These increases followed similar bid price rises of ?1,000 per tonne across...