Strong Ferrous Scrap Price in Tokyo

Ferrous scrap purchase price by electric furnace steel makers reached at 60,000 yen per tonne for H2 grade around Tokyo into this week. The price is 59,500-61,500 yen per tonne, some pay as high as 62,500 yen. The price increased due to short supply and dispersion to exporter or Japanese integrated steel makers. The price increased by 20,000 yen per tonne for H2 from the ended of last year.Export price increased, which is same level compared with makers’ purchase price. Dealer source said ferrous scrap market price is rising when integrated steel makers are increasing purchase volume of high grade scrap.Tokyo Steel Manufacturing’s Utsunomiya iron works increased the purchase price by 2,000 yen per tonne from Tuesday. Other makers increased the price by around 2,000 yen from Wednesday, too. Makers increased the purchase volume for long holidays in May. Makers’ purchase price is increasing around Osaka, too. The price rose to 61,500-63,000 yen per tonne for H2. Yamato Steel, JFE Bars & Shapes’ Himeji iron works, Godo Steel’s Himeji works and Sanyo Special Steel increased the price by 2,000 yen per tonne.It is expected that export price for East Asia is expected would rise and Hyundai Steel’s purchase price would more increase.