Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm 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 firm with higher demand at home and abroad. Local electric furnace steel makers pay 42,500-43,500 yen per tonne for new cutting scrap and some makers pay as high as 45,500 yen. The demand for high grade scrap increases when electric furnace and integrated steel makers try to secure more while Asian buyers have strong appetite. A dealer source see the market has no factor to ease the supply. Ferrous scrap market price is also firm at around 29,000 yen per tonne for H2 grade around Osaka.