Higher Ferrous Scrap Price in Tokyo

Ferrous scrap market price increased by 500 yen to 31,600 yen per tonne for pressed new cutting scrap and to 30,600 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is expected to keep firm under higher export price.

POSCO of South Korea increased the offer to C&F 45,200 yen per tonne for Japanese new cutting scrap at tender on Thursday. The price is much higher than purchase price by local electric furnace steel makers. The market expects the local market could increase with the higher export price though domestic electric furnace steels plan maintenance outage in July.

On the other hand, stainless steel scrap market price is weak at around 250,000 yen per tonne for SUS304 new cutting scrap and at around 240,000 yen for SUS304 turning scrap around Osaka, both of which are 130,000 yen lower than the peak.