Weak Ferrous Scrap Price in Tokyo

Ferrous scrap price is decreasing at 18,500 yen per tonne for H2 grade, 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 planned maintenance outage by local electric furnace steel makers. Exporters around Tokyo bay cannot get new export order from electric furnace steel makers with less appetite in South Korea and Taiwan. The slow export market eases local scrap supply. Local electric furnace steel makers around Tokyo pay 25,500-27,000 yen per tonne for H2. Some of them start the maintenance in the end of July reducing the consumption. Ferrous scrap price is flat at around 17,000 yen per tonne for H2 around Osaka.