Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at 25,400 yen per tonne for steel turning scrap, at 28,400 yen for A grade pig iron turning scrap and at 27,400 yen for B grade pig iron turning scrap at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm when the export price is higher than purchase price by local electric furnace steel makers. The scrap export price hit record FAS 37,928 yen per tonne for H2 grade at monthly tender held by Kanto Tetsugen on Tuesday, which represents record renewal for 2 consecutive months and increased by 1,205 yen from previous month. The price is slightly higher than local electric furnaces’ purchase price. Local scrap dealers expect the local steel makers would increase the purchase price to compete with export price. Ferrous scrap market price is flat at around 29,000 yen per tonne for H2 grade around Osaka.