Higher Ferrous Scrap Price in Tokyo

Electric furnace steel makers around Tokyo increased the ferrous scrap purchase price by around 3,000 yen per tonne in May. They pay 64,500-65,500 yen per tonne for H2 grade and some makers pay as high as 66,500 yen. Local supply is tight due to strong demand from integrated steel makers and dealers for export and transport to other Japanese areas. Local electric furnace steels try to secure the materials by raising the purchase price.