Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market price is flat at 31,100 yen per tonne for pressed new cutting scrap and at 30,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep the level when local electric furnace plan output reduction. Local steel makers pay 35,000-36,000 yen per tonne for new cutting scrap and some pay as high as 36,500 yen. Hyundai Steel of South Korea increased the offer to around 42,500 yen per tonne for Japanese new cutting grade at the weekly tender on Wednesday, which was 1,000 yen higher than previous week. However, the local demand is expected to decrease around Tokyo when local electric furnaces plan summer time maintenance outage in June. The market price is likely to keep the level despite of rebound for the offshore market. Ferrous scrap market price is also flat at around 26,000 yen per tonne for H2 grade around Osaka.