Tokyo Steel Manufacturing Increases Scrap Prices

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Tokyo Steel Manufacturing, Japan’s leading mini-mill, will increase its scrap purchase prices for all grades of product at all its steelworks for deliveries starting Friday, according to McGraw-Hill Financial.

The company last lifted its scrap buying price for deliveries starting April 8.

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The price of Chinese HRC rose 1.8 percent on Wednesday, April 9, making it the day’s biggest mover. After three days of flat prices, it closed at CNY 3,400 ($548.69) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($224.32) per metric ton. The price of Chinese slab was unchanged at CNY 3,480 ($561.60) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.56) and a low price of CNY 830.00 ($133.95) per dry metric ton.

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The cash price of steel billet saw little movement on the LME at $390.00 per metric ton. The steel billet 3-month price saw little price change yesterday on the LME at $400.00 per metric ton.

The US HRC futures contract 3-month price gained 0.9 percent to finish at $650.00 per short ton. The spot price of the US HRC futures contract saw little movement yesterday at $653.00 per short ton.

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