Higher Ferrous Scrap Price in Tokyo

Ferrous scrap market price increased by 500 yen to 21,400 yen per tonne for steel turning scrap, to 24,400 yen for A grade pig iron turning scrap and to 23,400 yen for B grade pig iron turning scrap at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm under higher export price. The scrap dealers increased the purchase price by 1,000-1,500 yen per tonne in the month when local electric furnace steel makers increase the scrap purchase price to compete with higher export price. The market interests expect the higher export price could reduce the shipment to local steel makers though they plan maintenance outage. Ferrous scrap market price is flat at around 26,000 yen per tonne for H2 grade around Osaka.