Steel Makers Raise Ferrous Scrap Buy Price in Tokyo

Electric furnace steel makers increase the ferrous scrap purchase price around Tokyo. Toyo Steel Manufacturing and other local makers raise the price to 34,000-35,000 yen per tonne and some pay as high as 35,500 yen to compete with higher export price. Scrap purchase price by steel makers around Himeji, Hyogo also increased the purchase price for the first time in 2 months. Tokyo Steel’s Utsunomiya plant increased the scrap purchase price by 500-1,000 yen to 35,500 yen per tonne for H2, to 38,000 yen for new cutting scrap without press and to 29,000 yen for steel turning scrap on Thursday. Other local makers also increase the price. Local makers’ purchase price increased by 1,000-1,500 yen in the month. Scrap export price from Tokyo bay is FOB 36,000-36,500 yen per tonne for H2 grade, which is higher than local makers’ purchase price. Godo Steel’s Himeji plant, Sanyo Special Steel and Yamato Steel increased the purchase price by 500 yen per tonne on Wednesday. JFE Bars & Shapes increases the price by 500 yen on Thursday. Yamato Steel’s purchase price increased to 35,000 yen per tonne for H2. Hyundai Steel of South Korea increased the offer to FOB 35,500 yen per tonne for Japanese H2 scrap at weekly tender. Other Korean makers also increase the purchase for Japanese scrap after they shifted temporally to US scrap.