Tokyo Steel Mfg Raises Ferrous Scrap Purchase Price by 2,000 Y/t

Tokyo Steel Manufacturing raised the purchase price for ferrous scrap by 2,000 yen per tonne at the all iron works effective for arrivals on and after Tuesday. The revised price for H2 grade is 64,000 yen per tonne at Okayama iron works delivered by sea and 63,000 yen delivered by land, 63,000 yen at Kyusyu works, 62,000 yen at Takamatsu iron works and 62,500 yen at Utsunomiya iron works delivered by land.Ferrous scrap market price rose around Osaka when local electric furnace steel makers are increasing the purchasing volume of ferrous scrap for long holidays in early May and some makers raised the purchase price at the end of last week. Ferrous scrap supply seems to keep tight though some makers continue output reduction during the long holidays in May.Local makers’ purchase price is 60,500-62,000 yen per tonne for H2 and some pay as high as around 63,000 yen. Some dealers are likely to increase ferrous scrap shipment while makers’ purchase volume seems not increasing so much. Large dealer source said each maker’s purchase volume would not change and the makers would increase the purchase price more if one maker raises.