Higher Ferrous Scrap Price in Tokyo

Ferrous scrap market price increased by 500 yen to 32,100 yen per tonne for pressed new cutting scrap and to 31,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm under higher export price. Hyundai Steel of South Korea offered around FOB 42,000 yen per tonne for Japanese new cutting scrap at the weekly tender on Wednesday, which was 500 yen lower than previous week. Japanese scrap export price from Tokyo bay is higher than purchase price by local electric furnace steel makers. The price gap is expected to result in purchase price hike by local steel makers though the makers plan maintenance outage in July.