Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at 33,000 yen per tonne for H2, at 35,300 yen for H1 and at 37,000 yen for HS at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak under lower scrap export price. Japanese scrap export price keeps decreasing when domestic electric furnace steel makers reduce the purchase price and South Korean steel makers secure the immediate requirement. Hyundai Steel of South Korea reduced the offer by C&F 39,800 yen per tonne for Japanese H2 grade scrap at the weekly tender on Wednesday, which was 1,000 yen lower than previous week. The price is sight lower than scrap purchase price by local steel makers. Ferrous scrap market price is weak at around 31,500 yen per tonne for H2 around Osaka.