Ferrous Scrap Price Up by 500 yen/t in Tokyo

Ferrous scrap price increased by 500 yen per tonne around Tokyo. The price is increasing at 20,600 yen per tonne for pressed new cutting grade and 19,600 yen for new cutting without press at dealers’ purchase price including freight. Some market sources said the export shipping increases in the week while local electric furnace steel makers stop the operation in a week long holiday. The supply is likely to keep tight. Local electric furnace steels is increasing at 26,500-27,500 yen per tonne for new cutting scrap. The price could keep firm for dealers’ and makers’ purchase prices and export price.