Firm Ferrous Scrap Price in Tokyo

Ferrous scrap market price is firm at 28,000 yen per tonne for H2, 30,300 yen for H1 and 32,000 yen for HS at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm when the export price is still higher than purchase price by local steel makers. Local electric furnace steel makers pay 34,000-35,000 yen per tonne for H2 grade and some pay as high as 35,500 yen. They try to secure scrap by increasing the purchase price when higher export price attract scrap supply. The dealers increase the scrap purchase price to meet higher demand. Ferrous scrap market price is flat at around 26,000 yen per tonne for H2 grade around Osaka.