Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at around 33,900 yen per tonne for steel turning scrap, at around 36,900 yen for A grade pig iron turning scrap and at around 35,900 yen for B grade pig iron turning scrap at dealers’ purchase price including freight around Tokyo. The price is likely to keep the trend when the market interests expect the oversupply balance continues. Local electric furnace steel makers pay 41,000-45,500 yen per tonne for turning scrap. The makers keep reducing the purchase price with sufficient supply from the market under slow export shipping from Tokyo bay. The dealers reduced the purchase price by 5,000 yen in the week. Ferrous scrap market price is also weak at around 43,000 yen per tonne for H2 grade around Osaka.