Tokyo Steel Raises Ferrous Scrap Buy Price at Utsunomiya

Tokyo Steel Manufacturing increases the ferrous scrap purchase price by 1,000 yen to 66,500 yen per tonne for H2 grade at Utsunomiya plant effective on Tuesday. With the higher price, local scrap market around Tokyo could increase more. Local dealers pay 61,100 yen per tonne without freight for pressed new cutting scrap and 60,100 yen for new cutting grade without press. Local electric furnace steel makers pay around 66,000-67,000 yen for new cutting scrap and some makers pay as high as 68,000 yen. The scrap supply around Tokyo gets tighter with strong demand at home and abroad. South Korean buyers try to secure the materials from Japanese market aggressively when Hyundai Steel offers more than FOB 70,000 yen per tonne.