Higher Ferrous Scrap Price in Tokyo

Ferrous scrap market price increased by around 500 yen from last week to 27,500 yen per tonne for H2, 29,800 yen for H1 and 31,500 yen for HS grade at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm when scrap export price keeps higher than purchase price by local electric furnace steel makers. Local steel makers pay 33,000-34,000 yen per tonne for H2 and some pay as high as 34,500 yen. They increase the purchase prices since last week and the dealers also increased the purchase prices from market. Ferrous scrap market price is still flat at around 26,000 yen per tonne for H2 grade around Osaka.