Electric Furnace Steels Increase Ferrous Scrap Buy Price in Tokyo

Ferrous scrap purchasing price by electric furnace steel makers is increasing around Tokyo. The makers raised the ferrous scrap purchase prices into this week following the ended of last week. They pay 34,500-35,000 yen per tonne for H2 grade. Their purchase prices are likely to rise when the export tender price is exceeding Japanese makers recent purchase prices. Utsunomiya plant of Tokyo Steel Manufacturing increased the scrap purchase price by 1,000 yen per tonne from Tuesday. Other local makers followed the move to increase the purchase price. They pay 34,500-35,000 yen for H2 grade and some pay as high as 36,000 yen. Their purchase prices increased by over 2,000 yen per tonne in this month. New export tender price from Tokyo bay is around FAS 26,000 yen per tonne. The export tender price is higher than the makers’ purchase price around Tokyo. Dealer source said the makers’ purchase prices would more rise.