Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at around 38,100 yen per tonne for pressed new cutting scrap and at around 37,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak under weakening export price and sufficient supply in the market. Local electric furnace steel makers pay 41,500-42,500 yen per tonne for new cutting scrap and some makers pay as high as 43,500 yen. The price could decrease more when the makers get smooth scrap arrivals enough to the operation. The scrap export price from Tokyo bay is decreasing when South Korean steel makers shift to US and Russian scrap to avoid high priced Japanese scrap purchase. Japanese market interests expect the lower export demand could impact on local market. Ferrous scrap market price is firm at around 31,500 yen per tonne for H2 grade around Osaka.