Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at around 59,600 yen per tonne for pressed new cutting scrap and at around 58,600 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm with strong demand at home and abroad. Local electric furnace steel makers pay 66,000-67,000 yen per tonne for new cutting scrap and some makers pay as high as 68,000 yen. The makers increased the purchase price last week. However, the supply is expected to keep tight with strong demand from integrated steel makers, steel makers in other areas and offshore makers. Ferrous scrap market price is firm at around 53,500 yen per tonne for H2 grade around Osaka.