Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at around 65,100 yen per tonne for pressed new cutting scrap and at around 64,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm under tight supply. Local electric furnace steel makers pay 70,000-72,000 yen per tonne for new cutting scrap. Scrap export FAS price from Tokyo bay is 1,000-2,000 yen higher for new cutting grade than purchase price by local makers. The dealers expect the high grade scrap price could increase more when the offshore steel makers have also strong appetite for high grade scrap. Ferrous scrap market price is firm at around 57,500 yen per tonne for H2 grade around Osaka.