Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at 32,100 yen per tonne for pressed new cutting scrap and at 31,100 yen for new cutting scrap without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak despite of relative higher export price. Hyundai Steel of South Korea offered around 39,500 yen per tonne for Japanese scrap to Japanese exporters at the weekly tender on Wednesday. The price was as high as last week. However, the firm reduced the offer by 500 yen per tonne for H2 grade. A dealer source said the tender impacts less on Japanese weak scrap market. Ferrous scrap market price is also weak at around 27,000 yen per tonne for H2 grade around Osaka when local electric furnace steel makers reduced the purchase prices.