Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market price is flat at 38,100 yen per tonne for pressed new cutting scrap and at 37,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep the level when the export price peaks recently. The scrap export price from Tokyo bay turned into decrease. The offshore buyers try to avoid purchase of higher priced Japanese scrap after electric furnace steel makers around Tokyo increased the purchase price in September. Hyundai Steel of South Korea offered FOB 45,000 yen per tonne for Japanese new cutting scrap at the weekly tender on Wednesday, which was 500 yen lower than previous week. However, high grade scrap demand is still high in Tokyo when domestic integrated steel makers require more scrap materials for output increase and for reduction of carbon dioxide emission. Under the balance, the local market price could keep the level. Ferrous scrap market price is flat at around 31,000 yen per tonne for H2 grade around Osaka.