Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market price is flat at 33,600 yen per tonne for pressed new cutting scrap and 32,600 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep the level with support by export price. Hyundai Steel of South Korea offered FOB 43,000 yen per tonne for Japanese new cutting scrap at weekly tender on Wednesday, which was flat from previous week. The export price is much higher than purchase price by local electric furnace steel makers. A dealer source said the local steel makers couldn’t reduce the scrap purchase price due to gap with export price despite the maintenance outage. Ferrous scrap market price is flat at around 27,000 yen per tonne for H2 around Osaka.