Lowering Ferrous Scrap Price in Tokyo

Ferrous scrap market price hit year-low as February around Tokyo. Tokyo Steel Manufacturing reduced the scrap purchase price by 1,000 yen per tonne on Friday while the firm stopped scrap purchases at Utsunomiya plant. Other makers also reduce the purchase price when the export price decreases to less than FOB 30,000 yen.

Electric furnace steel makers pay 28,000-29,000 yen per tonne for H2 grade around Tokyo. Many of the makers reduced the purchase price by 1,000 yen on Friday. The dealers around Tokyo bay pay around FAS 27,500 yen to reflect lower export price.

Electric furnace steel makers around Tokyo use monthly around 450,000 tonnes of scrap, according to a trading firm source. The consumption has no sign to increase under slow improvement for steel price.

Electric furnace steel makers around Osaka pay 28,000-29,000 yen per tonne for H2 grade scrap. The makers reduced the purchase price by 1,000 yen on Friday.