Higher Ferrous Scrap Price in Tokyo

Ferrous scrap market price increased by 500 yen to 28,500 yen per tonne for H2, to 30,800 yen for H1 and to 32,500 yen for HS grade at dealers’ purchase price including freight around Tokyo. The price is likely to keep the level when the dealers have trouble to increase the scrap purchase volume. Local electric furnace steel makers pay 34,500-35,500 yen per tonne for H2 grade and some pay as high as 36,000 yen. Local scrap dealers try to secure more scrap by increasing the purchase price along with higher purchase price by steel makers. However, the dealers’ scrap purchase volume is expected not to increase even if they increase the purchase price under limited availability. Ferrous scrap market price is firm at around 26,000 yen per tonne for H2 grade around Osaka.