Japan Ferrous Scrap Export Price Hits Record

Japanese ferrous scrap export price renewed the record. Successful bid was averaged FAS 45,550 yen per tonne from Tokyo bay for H2 grade for March shipment at monthly export tender held by Kanto Tetsugen on Wednesday, which was 2,407 yen higher than previous month. With higher export price, local electric furnace steel makers’ scrap purchase price increased for the first time in 3 weeks. Tokyo Steel Manufacturing increased the scrap purchase price by 500 yen to 44,500 yen per tonne for H2 and to 47,000 yen for new cutting scrap at Utsunomiya plant on Wednesday. Other local makers followed the move and the local makers’ purchase price increased by 500-1,000 yen during the month. Tokyo Steel also increased the scrap purchase price by 500-1,000 yen per tonne at Okayama plant on Wednesday. Other steel makers around Osaka also increased the price to 45,000-45,500 yen per tonne for H2 grade. Kishiwada Steel increased the price by 500 yen for turning scrap, by 1,200 yen for shredder scrap. Yamato Steel and JFE Bars & Shapes increased the price in Himeji.