Weak Ferrous Scrap Price in Tokyo

Ferrous scrap price is weak at 18,500 yen per tonne for H2, 20,800 yen for H1 and 22,500 yen for HS at dealers’ purchase price including freight around Tokyo. The price is expected to keep weak due to lower demand under output reduction by local steel makers. The market players expect the market price could increase while local electric furnace steel makers could reduce the purchase price under maintenance outage. Local steel makers pay 25,500-26,000 yen per tonne for H2. Some pay as high as 27,000 yen. Local steel makers’ purchase volume is low to meet the lower consumption. H2 scrap price decreased by 500 yen to around 16,500 yen per tonne around Osaka under the weak sentiment.