Lower Ferrous Scrap Price in Tokyo

Ferrous scrap purchase price by electric furnace steel makers around Tokyo decreased by 1,000-2,000 yen per tonne in the week. They pay 66,000-69,000 yen for H2 grade recently. The oversupply reduces the price level under slower export shipping from Tokyo bay. The local makers reduced the scrap purchase price by 2,500-3,500 yen per tonne in July. The dealers expect the makers would reduce the price more when the export shows no sign to recover. Electric furnace steel makers around Osaka also reduced the scrap purchase price and some makers pay now less than 70,000 yen per tonne for H2 grade. Tokyo Steel Manufacturing reduced the scrap purchase price by 1,000-2,000 yen and other makers followed the move.