Higher Ferrous Scrap Market in Osaka

Ferrous scrap export price surged by 635 yen to FAS 22,910 yen per tonne for H2 from Osaka Bay at an export tender held by Osaka based ferrous scrap dealers’ group, Kansai Tetsugen on Wednesday compared with the previous tender. The contracted volume was 10,000 tonnes.

Marubeni Tetsugen won the tender from June 8 to July 10. Fifteen traders out of 15 eligible firms submitted 15 bids and 7 of the bids were more than 22,000 yen.

Local electric furnace steel makers are purchasing H2 at around 21,000-22,000 yen per tonne around Osaka. The current export price is higher than the purchase price by about 1,000 yen. A dealer source said the makers won’t decrease their purchase price more to reflect the current export price.