Electric furnace steel makers around Tokyo continue reducing the purchase price of ferrous scrap. The purchase price decreased by 1,500 yen to 12,000-13,500 yen per tonne for H2 grade on October 28, which has plunged by about 30,000 yen since the beginning of October. Some makers pay as low as 10,000-15,000 yen per tonne.
The supply and demand balance of ferrous scrap keeps loose when shipping maintains stagnant from Tokyo bay and most electric furnaces are regulating ferrous scrap procurement. Utsunomiya works of Tokyo Steel Manufacturing, Japanese largest electric furnace steel maker, reduced the purchase price by 1,500 yen for H2 on October 28. Other makers followed the price cut. Domestic electric furnaces seem to keep output reduction stances for a while. Japanese ferrous scrap export would maintain stagnant due to economic slowdown in South Korea, where Japanese ferrous scrap is largely imported. Electric furnaces around Osaka reduced the purchase price by 2,000-4,000 yen per tonne on October 28 following Tokyo Steel’s price cut. Some makers’purchase price fell below 10,000 yen per tonne for H2. The makers’ purchase price is around 11,500-12,500 yen per tonne for H2, down by around 35,000 yen or 75% from the beginning of October. The price has plunged more than other regions. Some makers’ purchase price became below 10,000 yen per tonne for H2 for the first time since February 2002.Japan Steel Scrap Composite Prices (Sangyo Press)
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