Tokyo Steel’s Hike to Encourage Ferrous Scrap Rebound in Tokyo

Ferrous scrap market price is flat at around 31,000 yen per tonne for H2, at around 33,300 yen for H1 and at around 35,000 yen for HS at dealers’ purchase price including freight around Tokyo. The price is expected to rebound soon when Tokyo Steel Manufacturing increased the purchase price by 3,000 yen, which was the first increase in 2 months. Tokyo Steel increased the purchase price to 43,000 yen per tonne for H2 grade effective on Thursday. Other local makers could follow the move while they pay 37,000-38,000 yen for H2 grade. Offshore makers increase the appetite for Japanese scrap and some export price is more than local makers’ purchase price. The export price from Tokyo bay is around FOB 41,000-42,000 yen per tonne. Scrap shipping FAS price from Tokyo bay also rebounded to reflect the market. Ferrous scrap market price is flat at around 32,000 yen per tonne for H2 grade at the dealers’ purchase price around Osaka.