Flat Ferrous Scrap Market in Tokyo

Ferrous scrap market price is flat at around 41,100 yen per tonne for pressed new cutting scrap and at 40,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep the level under tight supply. Local electric furnace steel makers pay 45,000-45,500 yen for new cutting scrap and some makers pay as high as 46,500 yen. Hyundai Steel of South Korea reduced the offer for high grade Japanese scrap at weekly tender last week. The local dealers around Tokyo bay try to reduce the purchase price from the market. However, the supply is still tight due to very slow building activity. Ferrous scrap market price is firm at around 35,000 yen per tonne for H2 grade around Osaka.