Japan Ferrous Scrap Price in Continuous Downtrend

Japanese ferrous scrap market price keeps downtrend when scrap export negotiations are diminishing. Around Tokyo, electric furnace steel makers’ purchase price decreased by 2,000 yen to 36,500-37,500 yen per tonne for H2 grade this week. Some pay as high as around 38,000 yen. On May 3, electric furnaces such as Tokyo Steel Manufacturing lowered the purchase price by 1,000 yen. Compared with the latest peak in late April, the price is lower by 2,000-3,000 yen since scrap export price maintains low.

Around Osaka, local makers’ purchase price is 38,500-40,000 yen per tonne for H2 grade, down by 2,000-3,000 yen from the latest peak in April. Himeji works of Godo Steel, Yamato Steel and Himeji works of JFE Bars & Shapes lowered the purchase price on May 3. Other makers are likely to reduce the purchasing price this week, according to a scrap dealer source. Ferrous scrap market price might decline more when U.S. scrap export price is weak, said another scrap trader source.