Ferrous Scrap Price could Rise in Tokyo

Ferrous scrap price is flat at 25,100 yen per tonne for pressed new cutting scrap and at 24,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price could increase when local steel makers are likely to increase the purchase price to secure materials for output increase.Tokyo Steel Manufacturing increased the scrap purchase price by 500 yen per tonne at Kyushu plant for all scrap grades except for ocean transportation on Saturday. With the move, some electric furnace steel makers around Tokyo increased the purchase prices. Local steel makers pay 29,500-30,000 yen per tonne for new cutting grade and some pay as high as 31,500 yen.