Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market is firm at around 59,000 yen per tonne for H2 grade at the dealers’ purchase price including freight around Tokyo. The price is likely to keep firm under tight local supply and strong demand at home and abroad. Local electric furnace steel makers purchase scrap at 65,500-67,500 yen per tonne for H2 grade. Tokyo Steel Manufacturing increased the scrap purchase price by 1,000 yen to 67,500 yen per tonne for H2 and to 70,000 yen per tonne for new cutting scrap without press on June 9. However, the dealers sources reported the tight supply reduce the procurement volume by electric furnace steels when the shipping price from Tokyo bay is higher than purchase price by local electric furnaces. Kanto Tetsugen’s export tender price hit record FAS 66,450 yen per tonne for July shipment on Wednesday. The scrap export price keeps increasing while domestic demand is strong from integrated steel makers and special steel makers.