Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at around 59,000 yen per tonne for H2, at around 61,300 yen for H1 and at around 63,000 yen for HS grade at dealers’ purchaser price including freight around Tokyo. The price is likely to keep firm under tight supply. Scrap export from Tokyo bay is slow due to higher price than international level. However, offshore buyers have still strong appetite for Japanese scrap to secure the materials under worldwide tight steel sources. Kanto Tetsugen’s tender price hit record FAS 66,450 yen per tonne for H2 grade at tender held on June 11, which was 1,600 yen higher than previous tender. The price is almost same level as local electric furnace steel makers’ purchase price and the dealers expect the local market could keep firm with support by export price. Ferrous scrap market price is increasing from 56,000 yen per tonne for H2 grade around Osaka.