Ferrous Scrap Price Continues Decreasing in Tokyo, Osaka

Ferrous scrap market price continues decreasing around Tokyo and Osaka when Japan’s largest electric furnace steel maker, Tokyo Steel Manufacturing reduced ferrous scrap purchase price by 1,000 yen per tonne at all plants on Thursday. Electric furnaces around Tokyo and Osaka followed price cut to reduce the price by 500-1,000 yen.

Local electric furnaces’ purchase price is 30,500-31,500 yen per tonne for H2 grade around Tokyo. Most of makers reduced the price by 500-1,000 yen per tonne on Thursday. The averaged export price decreased by 3,778 yen to FAS 30,564 yen per tonne for H2 grade at the joint tender held by scrap dealers’ group around Tokyo on Wednesday from the previous monthly tender. Market sources see the scrap price would not increase if offshore demand increases.

Local electric furnaces’ purchase price decreased to around 31,500-32,000 yen per tonne for H2 grade around Osaka. Most of makers reduced the price by 1,000 yen on Thursday.