Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price decreased by 500 yen to 32,100 yen per tonne for pressed new cutting grade and at 31,100 yen for new cutting scrap without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak due to weakening scrap export price under slow offshore market.Local electric furnace steel makers pay 36,000-36,500 yen per tonne for new cutting scrap and some pay as high as 37,000 yen. They reduced the purchase price by 1,000-1,500 yen in the month when they get smooth scrap arrivals. In conjunction with makers’ reduction, dealers purchase price is decreasing. Overseas market price is reducing.