Electric Furnaces Increases Ferrous Scrap Purchase Price in Tokyo

Local electric furnace steel makers increased ferrous scrap purchase price by 500 yen per tonne around Tokyo. The makers increased the price when Tokyo Steel Manufacturing increased the price by 500 yen at Utsunomiya plant on Tuesday. The firm increased the price at 4 plants excluding Takamatsu plant on Tuesday but most of local electric furnaces around Osaka left the price unchanged on the day.

Local electric furnaces’ ferrous scrap purchase price is 33,000-34,000 yen per tonne for H2 grade around Tokyo. Local scrap exporters increased the purchase price by around 500 yen to around FAS 32,500 yen for H2 grade around Tokyo bay from last week. The exporters try to secure the scrap for the export shipping for eastern Asia.

Local electric furnaces’ ferrous scrap purchase price is 32,500-33,500 yen per tonne for H2 grade around Osaka and some makers pay around 34,500 yen. One dealer source sees the price move would slow until local electric furnaces increase the purchase volume to prepare for the operation in long holidays from late April.