Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market is slow around Tokyo when the players try to see the market move. Local electric furnace steel makers pay 35,500-36500 yen per tonne for H2 grade and some pay as high as 37,000 yen. The market price is likely to keep the level despite of maintenance outage by local makers when the export price competes with local makers’ purchase price. The scrap generation is slow seasonally due to summer holiday slow down for the activity. The market price is supported by export price and shipping price to other areas in Japan. Tokyo Steel Manufacturing increased the scrap purchase price at Utsunomiya plant on August 21 while other local makers keep the purchase price. Hyundai Steel of South Korea offered FOB 37,500 yen per tonne for Japanese H2 grade scrap at weekly tender on August 22.