Electric Furnaces Reduce Ferrous Scrap Buy Price by 2,000 y/t, Tokyo

Electric furnace steel makers reduced the ferrous scrap purchase price to 40,500-42,500 yen per tonne for H2 grade, some pay as high as 44,000 yen per tonne when the supply and demand became loose around Tokyo.Dealers’ sale destination is limited when some makers carried out restricted purchase or stopped operation. Dealer source said dealers’ shipping doesn’t increase until the first half of September when is over with output cut period. Utsunomiya works of Tokyo Steel Manufacturing decreased the purchase price to 44,000 yen per tonne for H2 from August 28. Other makers decreased the price by 2,000 yen per tonne, too. Makers’ purchase price is about 28,000 yen lower than recent peak in early July.