Higher Ferrous Scrap Export Price to Lift Tokyo’s Price

Hyundai Steel of South Korea increased the offer to Japanese ferrous scrap by 1,500 yen per tonne at the weekly tender on Wednesday. The price reached FOB 45,000 yen per tonne for H2, 47,500 yen for H2 and 48,500 yen for new cutting scrap. Ferrous scrap market price is firm at around 30,400 yen per tonne for steel turning scrap, at 33,400 yen for A grade pig iron turning scrap and at 32,400 yen for B grade pig iron turning scrap at dealers’ purchase price including freight around Tokyo. The price is expected to increase under higher export price. Kanto Tetsugen’s monthly scrap export tender price hit record FAS 45,550 yen per tonne from Tokyo bay for H2 grade for March shipment on Wednesday. The price is around 2,000 yen higher than purchase price by local steel makers. Local scrap dealers expect the makers should increase the purchase price to compete with export.