Ferrous Scrap Price Drops in Tokyo

Electric furnace steel makers around Tokyo reduced the ferrous scrap purchase price to less than 50,000 yen per tonne for H2. The price is 46,000-50,000 yen range under easy supply balance when many makers stop the operation for seasonal maintenance outage. The dealers ship the scrap mainly for local electric furnace steel makers when the export shipping is low level from Tokyo bay. The dealers expect the supply will keep easy when local makers plan maintenance outage through the month. Tokyo Steel Manufacturing and other local makers reduced the scrap purchase price by 3,000 yen per tonne on Tuesday and by 2,000 yen on Wednesday. The makers reduced the price by total 22,000 yen since the peak in early July.