Japanese hot rolled market bullish

Since the cost of imported raw materials led to depreciation of the yen rose sharply, the Japanese steel mills raise prices is imminent. Recently NSSC gold and Toyota Motor Corporation on the last half of fiscal year (April-September) automotive sheet contract price rose 10%, or ¥ 10,000 / t ($ 102 / t) to reach agreement, is expected to Japanese steel mills and other end-user prices will soon reach a similar agreement.

Currently, Japan HRC spot price 5.9-6.1 ten thousand yen / ton (602-622 U.S.

dollars / ton) over last November fell ¥ 5,000 / t ($ 51 / t) or more, but is expected to rise as the contract price, spot prices will subsequently rise.Meanwhile, Japan HRC export offers are also on the rise. Currently, Japan is working with South Korean steel rolling mill on the July price of hot rolled negotiations, the Japanese side to seek price increases to 600 U.S. dollars / ton (FOB), taking into account the actual needs of the situation, the more difficult to achieve the target price, therefore intends to June on the basis of price 20-30 dollars / ton to 550-570 U.S. dollars / ton (FOB), but South Korea to seek further ground terminal sluggish demand lower prices, but in raw material costs and higher international steel market circumstances, the agreement price is bound to have risen.

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