Weak Ferrous Scrap Price in Tokyo and Osaka

Ferrous scrap market price decreased by 1,000 yen per tonne to 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. Local electric furnace steel makers pay around 35,000-35,500 yen per tonne for new cutting scrap and some pay as high as 36,000 yen.Dealers are decreasing their purchasing price step by step with makers’ lowering price. The supply and demand for ferrous scrap is loosing due to slower export. Dealer source said ferrous scrap flow to electric furnace makers. The price is likely to keep weak due to no reason for price increasing.Each maker decreased the purchasing price of ferrous scrap from the ended of last week to this week. The market price is 26,000 yen per tonne for H2 grade at dealers’ purchase price including freight around Osaka.