Higher Ferrous Scrap Buy Price by Electric Furnaces in Tokyo

Electric furnace steel makers around Tokyo increase the ferrous scrap purchase price again in the week to compete with higher export price. The averaged purchase price is 34,500-35,500 yen per tonne for H2 grade and some pay as high as 36,000 yen. The scrap export FAS price from Tokyo bay increases when Asian steel makers increase the purchase volume of Japanese scrap. Local scrap dealers around Tokyo bay ship for export resulting in lower arrivals to local steel makers. Tokyo Steel Manufacturing’ Utsunomiya plant increased the scrap purchaser price by 500 yen per tonne for all grade scrap on Wednesday. The price increased to 36,000 yen for H2, to 38,500 yen for new cutting grade and to 29,500 yen for steel turning scrap. Some other local makers increase the purchase price. Their purchase prices increased by 1,500-2,000 yen in the month.