Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at around at 46,600 yen per tonne for pressed new cutting scrap and at 45,600 yen for new cutting grade without press at dealers’ purchaser price including freight around Tokyo. The price is likely to keep firm when the local supply is still tight despite of the higher market price. Local electric furnace steel makers pay 49,000-51,000 yen per tonne for new cutting scrap and some pay as high as 52,000 yen. Some scrap dealers try to hold the scrap inventory with expectation for higher market. Under the tight supply, local steel makers increased the purchase price by 1,500 yen on Thursday. Ferrous scrap market price is increasing from current 40,000 yen per tonne for H2 grade around Osaka.