Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price around Tokyo is firm with increasing export price from Tokyo bay. Local electric furnace steel makers pay 39,500-41,000 yen per tonne for H2 and some makers pay as high as 42,000 yen, which is 4,000-5,000 yen higher than previous month. The makers try to build scrap inventory preparing for 3-days holiday weekend from January 19. Local scrap dealers have trouble to secure scrap materials just after a week long New Year holiday while some dealers ship scrap more for export with increasing price. Tokyo Steel Manufacturing’s Utsunomiya plant increased the scrap purchase price by 1,000 yen to 42,000 yen per tonne for H2 grade on December 27. Other steel makers followed the move to increase the purchase price. Scrap export price from Tokyo bay increases. Hyundai Steel of South Korea increased the offer to FOB 42,500 yen per tonne for Japanese H2 scrap at weekly tender on Wednesday, which was 1,500 yen higher than previous offer.