Japan Ferrous Scrap Market Price Rebounds to 30,000 Yen/t

Japanese ferrous scrap market price turned upward. Domestic electric furnace steel makers currently pay 29,000-30,500 yen per tonne for H2 grade. Steel makers such as Tokyo Steel Manufacturing are raising their purchase price this week when Japanese ferrous scrap export price is surging. The market price rebounded after 4 months around Tokyo and after 2 months in Osaka.

Japanese ferrous scrap export price was around FOB 30,000 yen per tonne for new contracted H2 bound for East Asia at the end of last week. The price increased by about 3,000 yen from the beginning of August. FAS export price followed this upsurge in Tokyo or Osaka.

Steel makers around Tokyo raised the purchase price by 1,500 yen this week. Makers’ H2 purchase price is presently 29,500-30,500 yen and some pays as high as 31,000 yen. Several electric furnaces enter regular refinement in summer this week but scrap supply is likely to maintain tight.

Around Osaka, electric furnace steel makers pay 28,500-30,000 yen for H2. Osaka Steel, Kishiwada Steel and Godo Steel raised scrap purchase price by 1,500 yen on Wednesday. Shin Kansai Seitetsu increased the purchase price by 2,000-3,000 yen. Yamato Steel and JFE Shapes & Bards raised the price by 2,000 yen.