Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market price is flat at 33,600 yen per tonne for pressed new cutting scrap and at 32,600 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep the level under relative tight supply for maintenance outage season. Local electric furnace steel makers pay 38,000-39,000 yen per tonne for new cutting scrap and some pay as high as 39,500 yen. The dealers have trouble to secure the materials from the market due to tight supply. The supply balance is tight despite the seasonal output reduction by local steel makers.