Furnaces Raise Ferrous Scrap Buy Prices in Tokyo

Tokyo area’s electric furnace steel makers increased the ferrous scrap purchase price by 1,000 yen from previous week to 38,500-40,000 yen per tonne for H2 grade and some pay as high as 40,500 yen. Dealers’ export contract price is rising. Market price is expected to continue firm tone around Tokyo.The export price from Tokyo bay is increasing when dealers’ export contract price to East Asia is rising. Dealer source said local electric furnace makers’ purchase volume is slightly decreasing when ferrous scrap is flowing to the bay and the generation of ferrous scrap from market keeps low.Utsunomiya works of Tokyo Steel Manufacturing increased the purchase price of ferrous scrap by 1,000 yen per tonne for all items from Tuesday, which increased to 40,500 yen per tonne fro H2 grade. Other local makers increased the purchase price, too. Their purchase price increased by 3,000-4,000 yen per tonne or bout 10% from the beginning of this month.