Ferrous Scrap Market Price Falls below 50,000 y/t around Osaka

Ferrous scrap market price decreased in August 22, 23 around Osaka, which fell below 50,000 yen per tonne for H2 grade when ferrous scrap export volume from Tokyo bay reduced rapidly. Tokyo Steel Manufacturing, Japanese biggest electric furnace maker, decreased the purchase price of ferrous scrap by 2,000 yen per tonne in all works in August 22, by 1,000-2,000 yen in August 23. Other makers reduced its purchase price following Tokyo Steel Manufacturing’s price cut.The purchase price of ferrous scrap decreased to 48,000-49,000 yen per tonne by 24,250 yen or 33% for H2 compared with peak price by electric furnace makers around Osaka. Yamato Steel reduced the purchase price to 49,000 yen per tonne by 22,000 yen for H2. Makers’ shipping status is good after Bon holiday. Okayama iron works of Tokyo Steel Manufacturing is seemed to be delivered ferrous scrap from USA. Large dealer source said the purchase by Hyundai Steel determine ferrous scrap market price around Tokyo and Osaka.