Weak Ferrous Scrap Price in Tokyo

Ferrous scrap turning scrap market price is weak at 22,900 yen per tonne for steel turning scrap, at 25,900 yen for A grade pig iron turning scrap and at 24,900 yen for B grade pig iron turning scrap at dealers’ purchase price including freight around Tokyo. The price could decrease more due to lower scrap export price from Tokyo bay. Local electric furnace steel makers pay 28,000-29,000 yen per tonne for turning scrap and some pay as high as 30,000 yen. Local scrap supply is more than the consumption with slow scrap shipping from Tokyo bay. The declining export price could impact on the local market price.