Lower Ferrous Scrap Price in Osaka

Ferrous scrap market price decreased additionally in Osaka. Local electric furnace steel makers reduced the purchase price to 38,500-39,500 yen per tonne for H2 grade, which is 1,500 yen or 4% lower than the recent peak. The price decreased when local steel makers reduce the output under very slow demand for building.Kishiwada Steel reduced the scrap purchase price by 500 yen per tonne for turning scrap on Tuesday. Godo Steel also reduced the price by 500 yen for heavy scrap and Kyoei Steel reduced the price by 500 yen. The local scrap generation is low. However, scrap supply from other areas increases easing local supply. H2 grade scrap price paid by local steel makers is still 37% or 15,000 yen per tonne higher for H2 grade than a year earlier level. Local steel makers try to increase the steel selling price by 2,000 yen per tonne more.