Additional Drop for Ferrous Scrap Price in Tokyo, Osaka

Ferrous scrap price is decreasing additionally around Tokyo when local electric furnace steel makers reduced the purchase price by 3,000 yen per tonne on Tuesday. The price level is 48,500-52,000 yen for H2 grade, which is around 20,000 yen lower than the recent peak in early July. The local supply is easier than last week when many local makers are in maintenance outage in the week. Tokyo Steel Manufacturing reduces the scrap purchase price by 2,000 yen to 50,000 yen per tonne for H2 on Wednesday just after the 3,000 yen reduction on Tuesday. Scrap price also decreases around Osaka. Local electric furnace steel makers reduced the scrap purchase price after Tokyo Steel’s announcement for 3,000 yen per tonne down on Monday. They pay 50,500-52,000 yen per tonne for H2 grade and the dealers expect the makers will reduce the price to less than 50,000 yen in sooner or later.