Weak Ferrous Scrap Market in Tokyo

Ferrous scrap market price is flat at 31,100 yen per tonne for pressed new cutting scrap and at 30,100 yen for new cutting scrap without press at dealers’ purchase price including freight around Tokyo. The price is expected to keep weak due to dull market. Hyundai Steel of South Korea offered around 39,500 yen per tonne for new cutting Japanese scrap to Japanese dealers at the weekly tender on Wednesday. The price was flat from previous week and some Japanese dealers see the market could hit bottom. However, the scrap shipment could keep going to local electric furnace steel makers under smaller shipping volume for export and other areas. Ferrous scrap market price is also weak at around 26,000 yen per tonne for H2 grade around Osaka.