Strong Ferrous Scrap Price in Tokyo, Osaka

Tokyo Steel Manufacturing increased ferrous scrap purchase price by 1,000 yen per tonne at all plants, announced on Wednesday.

Ferrous scrap price is firm at around 30,500 yen per tonne for H2 grade, 32,300 yen for H1 grade and 34,000 yen for HS grade at the dealers’ purchase price including freight around Tokyo. Local electric furnace steel makers’ purchase price is 36,000-36,500 yen for H2 grade while some makers pay around 37,000 yen. Market sources see the price would not decrease due to the tight supply and the demand for the export to South Korea.

Ferrous scrap market price is around 28,000 yen per tonne for H2 grade at the dealers’ purchase price around Osaka and local electric furnaces’ purchase price is 36,000-37,000 yen for H2 grade. Osaka Steel increased the purchase price by 1,000 yen on Wednesday. Other makers are expected to follow Osaka Steel, according to one dealer source.