Firm Ferrous Scrap Price in Tokyo

Ferrous scrap price is flat at 25,100 yen per tonne for pressed new cutting scrap and 24,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is expected to keep firm when local electric furnace steel makers increase the output. Scrap export shipping from Tokyo bay was slow last week. The scrap shipping was diverted to local electric furnaces when the makers try to secure scrap for output increase. Local electric furnaces pay 29,500-30,000 yen per tonne for new cutting scrap. Some pay as high as 31,000 yen. They are supposed to reduce the scrap inventory during 3-day holiday in the weekend. Ferrous scrap price is firm at around 17,000 yen per tonne for H2 grade around Osaka.