Lower Ferrous Scrap Price in Tokyo

Ferrous scrap price decreased by 1,000 yen to 27,100 yen per tonne for pressed new cutting scrap and 26,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo from last week. The price is likely to keep the level when the export price is higher than purchase price by local electric furnace steel makers. Local electric furnace steels reduced the scrap purchase price when they get scrap arrivals enough to the consumption. They pay 30,500-31,000 yen per tonne for new cutting scrap and some pay as high as 31,500 yen. With the lower purchase price, the dealers’ market price also decreased. Ferrous scrap price is firm at around 23,000 yen per tonne around Osaka.