Ferrous Scrap Price Keeps Dropping in Tokyo

Ferrous scrap market price decreased to 3,000 yen per tonne for H2, 5,300 yen for H1 and 7,000 yen for HS at dealers’ purchase price including freight around Tokyo. The price is expected to keep weak when domestic makers expand the output reduction while some offshore buyers show sign to resume purchasing low priced Japanese scrap.

Local electric furnace steel makers pay 8,000-11,000 yen per tonne for H2. The averaged purchase price decreased to less than 10,000 yen on Wednesday when Tokyo Steel Manufacturing’s plant and other makers reduced the price.