Firm Ferrous Scrap Price in Tokyo

Ferrous scrap price is firm at 28,600 yen per tonne for pressed new cutting scrap and at 27,600 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is expected to keep the high level under firm export price. Local electric furnace steel makers around Tokyo pay 32,500-33,000 yen per tonne for new cutting scrap and some pay as high as 34,500 yen. Hyundai Steel of South Korea increased the offer price to Japanese scrap for the first time in 2 weeks. The firm increased the offer by 1,000 yen to FOB 34,000 yen per tonne for new cutting scrap at the import tender last week from previous week. Ferrous scrap price is also firm at 22,000 yen per tonne around Osaka.