Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price decreased to 9,100 yen per tonne for pressed new cutting scrap and to 8,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is expected to decrease more when local steel makers keep inventory enough to the lower consumption.

Local electric furnace steel makers pay 14,000-15,500 yen per tonne for new cutting scrap. Tokyo Steel Manufacturing’s Utsunomiya plant and other makers reduced the scrap purchase price by 2,000 yen on Friday. Local market is oversupply when scrap shipping from Tokyo bay is slump both for western Japan and offshore market while local makers reduce the purchase volume.

Ferrous scrap market price decreases to around 1,500 yen per tonne for H2 grade around Osaka. Local electric furnace steel makers pay 9,500-10,500 yen for H2.