Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market price is flat at around 41,000 yen per tonne for pressed new cutting scrap and around 40,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm under tight supply. Local electric furnace steel makers pays 45,000-45,500 yen per tonne for new cutting scrap and some makers pay as high as 46,500 yen. Local scrap dealers report the scrap arrivals are still low level from the market. A dealer source said the scrap supply is still tight. Ferrous scrap market price increased to 36,000 yen per tonne for H2 grade in Osaka, which was the first increase in 2 weeks.