Electric Furnaces Raise Ferrous Scrap Buy Price in Tokyo

Electric furnace steel makers around Tokyo increased the ferrous scrap purchase price by 1,000-2,000 yen to 58,500-59,500 yen per tonne for H2 grade, some pay as high as 60,500 yen. Most makers raised the purchase price by around 1,000 yen per tonne from April 15 due to slow incoming ferrous scrap.However, the supply and demand balance of ferrous scrap keeps tight around Tokyo. Ferrous scrap dealer source said local electric furnaces are scrambling over ferrous scrap with Japanese integrated steel makers or electric furnace makers in other areas.Local electric furnaces such as Tokyo Steel Manufacturing additionally raised the purchase price on April 18. Local electric furnaces need to secure ferrous scrap before long holidays in early May. Dealer source said ferrous scrap market price may increase until the end of April.