Electric Furnaces Raise Ferrous Scrap Buy Price in Tokyo

Electric furnace steel makers around Tokyo increased the ferrous scrap purchase price by 1,000 yen to 68,000-70,500 yen per tonne in the week. They are forced to increase the price to secure the requirement under tight supply.

Tokyo Steel Manufacturing’s Utsunomiya plant increased the purchase price by 1,000 yen to 70,500 yen per tonne for H2 grade on Tuesday. Some other makers followed the move. The dealers expect the other makers also increase the price to secure the material.

The electric furnaces increased the scrap purchase price by 1,000 yen per tonne last week. However, the supply is still tight for the makers due to strong demand from integrated steel makers and exporters.