Tokyo Steel Cuts Ferrous Scrap Price Again

Tokyo Steel Manufacturing announced on Tuesday the firm reduces ferrous scrap purchase price on Wednesday. The firm reduces the price by 1,000 yen per tonne for land and ocean transport to all plants except for Utsunomiya plant, at which the price decreases by 2,000 yen. The revised purchase price for H2 grade is 25,000 yen for Okayama plant, 24,500 yen for Kyushu plant, 24,000 yen for Takamatsu plant and 23,000 yen for Utsunomiya plant.

Ferrous scrap market price is decreasing around Tokyo. The dealers’ purchase price is around 17,500 yen per tonne for H2 grade, 19,300 yen for H1 grade and 21,000 yen for HS grade including freight. Local electric furnace steel makers pay 24,000-25,000 yen for H2 while the higher price is around 25,500 yen.

The dealers’ purchase price decreased by 2,000-2,500 yen per tonne until Tuesday compared with the last week. Tokyo Steel and other local electric furnace steels reduced the scrap purchase price while scrap export stays at low level. The scrap price is likely to decrease while FAS export price is decreasing.