Japan Ferrous Scrap Export Price Downs

Japanese ferrous scrap export price was FAS 35,414 yen per tonne from Tokyo bay for H2 grade for November shipment at monthly tender held by Kanto Tetsugen on Friday, which was 1,736 yen lower than previous month and represented drops for 2 months in a row. Tokyo Steel Manufacturing reduced the scrap purchase price by 500 yen per tonne at all plants and decreased the H2 purchase price to 37,500 yen per tonne at Utsunomiya plant on Saturday. Japanese ferrous scrap market price decreases with lower offshore demand. Four trading firms got export order with total 18,000 tonnes at Kanto Tetsugen’s tender shipping by January 15. Their bids were 35,300-35,550 yen per tonne. Kanto Tetsugen said the result is in line with the recent export market trend. Electric furnace steel makers around Tokyo reduce the scrap purchase price by 500-1,000 yen per tonne last week. They get smooth scrap arrivals enough to the consumption under lower export shipping. Tokyo scrap market could keep weak under down trend of export price.