New Cutting Ferrous Scrap Price Ups by 500 yen in Tokyo

Ferrous scrap market price increased by 500 yen to around 22,100 yen per tonne for pressed new cutting scrap and around 20,110 yen for new cutting scrap without press at dealers’ purchase price including freight around Tokyo. The price increased by 4,500 yen or around 26% from the bottom in early February. Local electric furnace steel makers pay 27,000-28,000 yen per tonne for new cutting scrap and the price could increase when makers try to secure the scrap at higher price in other areas. Scrap shipping volume from Tokyo is just less than 50,000 tonnes including for domestic destinations, which is less than that in early May. However, the high level shipping makes local supply tighter. Ferrous scarp price is also increasing at around 16,000 yen per tonne for H2 around Osaka.