Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at around 43,500 yen per tonne for H2, at 46,800 yen for H1 and at 48,800 yen for HS at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm with strong offshore demand and tight local supply. Local electric furnace steel makers increase the scrap purchase price to secure materials. Hyundai Steel of South Korea left the purchase price unchanged at FOB 49,000 yen per tonne for Japanese H2 scrap at weekly tender last week. Despite of peaked offshore price, a dealer source said the local steel makers couldn’t reduce the scrap purchase price to secure the materials. Ferrous scrap market price is firm at around 42,000 yen per tonne for H2 grade around Osaka.