Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at 30,000 yen per tonne for H2 grade, at 32,300 yen for H1 and at 34,000 yen for HS at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak due to decreasing scrap export price from Tokyo bay. Local electric furnace steel makers pay around 34,500-36,000 yen per tonne for H2 scrap and some pay as high as 36,500 yen. The dealers get fewer arrivals from the market due to less generation from the market. The market price decreases when local steel makers reduce the purchase price. Ferrous scrap market price is also weak at around 29,500 yen per tonne for H2 grade around Osaka.