Higher Ferrous Scrap Price in Tokyo

Ferrous scrap price increased by 500 yen to 16,400 yen per tonne for steel turning scrap, 19,400 yen for A grade pig iron turning scrap and 18,400 yen for B grade pig iron turning scrap at dealers’ purchase price including freight around Tokyo. The price is expected to keep increasing under firm demand. Local electric furnace steel makers increased the scrap purchase prices in the week after the increase last week. They try to secure materials for requirement in year-end holiday when they cannot purchase scrap. They also compete with export price. They pay around 21,000 yen per tonne for turning scrap and some pay as high as 25,000 yen. The purchase price increased by around 1,500 yen from mid-November. Ferrous scrap price is also firm at around 20,000 yen per tonne for H2 around Osaka.