Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at around 37,100 yen per tonne for pressed new cutting scrap and at around 36,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm due to higher export price. Scrap export price from Tokyo bay started to increase again for East Asian market since end of November. Local electric furnace steel makers increase the scrap purchase price to secure materials under competition with offshore buyers. Hyundai Steel of South Korea increased the offer to Japanese scrap to FOB 36,000 yen per tonne for H2 and to 40,000 yen for new cutting scrap at the weekly tender last week, which was 500 yen higher than previous week. A domestic dealer source said the local market would keep firm with the higher export price. Ferrous scrap market price is firm at around 30,500 yen per tonne for H2 around Osaka.