Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at around 56,500 yen per tonne for H2 grade, at around 58,800 yen for H1 grade and at around 60,500 yen for HS grade at dealers’ purchase price including freight around Tokyo. Electric furnace steel makers’ purchase price is 62,000-64,500 yen per tonne for H2 around Tokyo and some makers pay as high as 66,000 yen. Dealers’ purchase price decreased by 2,000 yen per tonne this week when electric furnaces reduced purchase price due to increased stock. The supply and demand is expected to keep loose around Tokyo. The market price is likely to continue weak. Tokyo Steel Manufacturing, Japanese biggest electric furnace steel maker, reduces ferrous scrap purchase price by 3,000-5,000 yen per tonne at all the works. The firm decreased the price to 63,000 yen in Okayama works, to 63,000 yen in Kyusyu works, to 62,000 yen in Takamatsu works and to 63,000 yen in Utsunomiya works effective for arrivals on and after 7 Thursday.