Ferrous Scrap Price Increases by 1,500 yen in Tokyo

Electric furnace steel makers around Tokyo increased the ferrous scrap purchase price by 1,500 yen per tonne to 45,500-46,500 yen compared for H2 grade from Thursday and some pay as high as 47,000 yen.Dealers purchasing volume is reducing due to decreased emergence volume in the market. Moreover, ferrous scrap is flowing to warehouse in Tokyo bay or Japanese integrated steel makers.Most electric furnace makers already increased the purchasing price by 1,000-1,500 yen per tonne from Tuesday around Tokyo. However, dealer source said dealers’ shipping isn’t moving.Utsunomiya iron works of Tokyo Steel Manufacturing increased the purchase price by 1,500 yen per tone for all items from Thursday. The purchasing price of H2 scrap was 47,000 yen per tonne and of new cutting press scrap was 49,500 yen per tonne. Other electric furnace makers increased by around 1,500 yen per tonne, too. In this week, the makers increased twice for the purchasing price.