Lower Ferrous Scrap Price in Tokyo

Electric furnace steel makers reduced the ferrous scrap purchase price around Tokyo. The price decreased by 1,500-2,000 yen to 35,000-36,500 yen per tonne for H2 grade scrap from the beginning of the month. The makers try to reduce the cost when they get smooth scrap arrivals from the market. The scrap shipping from Tokyo bay is slow for other areas and export. With the lower demand, local dealers try to ship more for local steel makers. The makers get more arrivals from market enough to the operation. Tokyo Steel Manufacturing and other makers reduce the scrap purchase price one after another. The slower scrap shipping from Tokyo bay is expected to continue for a while. The scrap export price decreases and the trend reflected to the major monthly export tender by Kanto Tetsugen. The price decreased to FAS 35,414 yen per tonne for H2 grade scrap at tender on November 9, which was 1,736 yen lower than the price a month ago.