Higher Ferrous Scrap Price in Tokyo

Ferrous scrap price increased by 500 yen to 22,350 yen per tonne for H2, 25,800 yen for H1 and 27,500 yen for HS at dealers’ purchase price including freight around Tokyo. The price is expected to increase more when local electric furnace steel makers raise the purchase prices. Tokyo Steel Manufacturing increased the scrap purchase price on Saturday. Some other makers around Tokyo followed the move. The local makers pay 30,500-31,000 yen per tonne and some pay as high as 32,000 yen when they try to secure requirement. Ferrous scrap price is firm at around 20,000 yen per tonne for H2 grade around Osaka.