Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market price is flat at 33,600 yen per tonne for pressed new cutting scrap and 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 with relative higher demand for the maintenance outage season. Hyundai Steel of South Korea increased the offer to FOB 43,000 yen per tonne for Japanese new cutting scrap at weekly tender on Wednesday, which was 500 yen higher than previous week. The offer price is much higher than purchase price by local electric furnace steel makers around Tokyo. Integrated steel makers also increase the scrap purchase. The higher demand keeps the supply tight despite of the output reduction by electric furnaces. Ferrous scrap market price is firm at around 28,500 yen per tonne for H2 grade around Osaka.