Ferrous Scrap Price Drops by 500-1,000 yen in Tokyo

Electric furnace steel makers around Tokyo reduced the ferrous scrap purchase price by around 3,000 yen to 36,500-37,500 yen per tonne compared with last month. Some pay as high as 38,500 yen. Export shipping keeps slow from Tokyo bay. Most ferrous scrap is flowing to local makers. Consequently, makers reduced the purchase price by 500-1000 yen in last week.The market price is decreasing from mid-October. Dealers are hurrying to sell ferrous scrap. Dealers’ purchase volume keeps low. Dealer source said makers’ purchase is good when allocation of ships is hard. Ferrous scrap export price is decreasing for South Asia, too. The price is C&F 39,800 yen per tonne for H2 grade. Dealer source said the export price is unlikely to increase when South Korean makers which are big consumer closed massive import contract with overseas suppliers.