Tokyo Steel Reduces Ferrous Scrap Purchase Price

Tokyo Steel Manufacturing reduces the ferrous scrap purchase price by 2,000-3,000 yen per tonne at the all plants effective on Tuesday. The price decreases to 53,000 yen per tonne for H2 grade at Okayama and Kyushu plants and to 52,000 yen at Takamatsu and Utsunomiya plants. Other electric furnace steel makers could follow the move. The makers around Tokyo pay 46,000-48,500 yen per tonne for turning scrap, which decreased by around 14,000 yen from the beginning of the month under seasonal maintenance outage and lower export shipping from Tokyo bay. The price is likely to keep weak when some makers plan outage around Tokyo in the week. The easy supply could pressure on the market price when the dealers’ purchase price is 38,900 yen per tonne for steel turning scrap, 41,900 yen for A grade pig iron turning scrap and 40,900 yen for B grade pig iron turning scrap without freight.