Ferrous scrap purchasing price by electric furnace steel makers is decreased by 1,000-1,500 yen per tonne in Tokyo and Osaka last week. The price was 34,000-35,000 yen per tonne for H2 grade around Tokyo on Friday with highest price at 35,500 yen.Tokyo Steel Manufacturing, Japanese largest electric furnace maker, reduced the purchase price by 500 yen per tonne in all iron works effective Friday. Following the firm’s reducing, some electric furnace makers decreased the purchase price.The market price is decreasing from the ended of April influence weak overseas market price. It seems that scrap dealers are shipping ferrous scrap in the inventory. Ferrous scrap export is slow from Tokyo Bay. Ferrous scrap in the market is flowing to local electric furnace makers. Local electric furnace steel makers can procure ferrous scrap easily. Consequently the makers are continuing to reduce the purchasing price. Some makers decreased the price at twice in the last week. Electric furnace makers around Osaka decreased the purchase price to 37,000-38,000 yen per tonne by 1,500 yen or 4% for H2 in Friday from peak price. Kshiwada Steel and Godo Steel reduced the price by 500 yen per tonne and Kyoei Steel reduced the price by 1,000 yen effective Friday.Himeji based makers decreased the price followed Tokyo Steel Manufacturing. The makers’ price cut was third in this month. Himeji works of Godo Steel, Sanyo Special Steel, Yamato Steel and Himeji works of JFE Bards & Shapes reduced by 500 yen from Friday. Himeji works of Godo Steel, Sanyo Special Steel, Yamato Steel and Himeji works of JFE Bards & Shapes Corporation decreased their purchasing prices by 500 yen per tonne. Yamato Steel’s purchase price became to 37,500 yen per tonne for H2 without freight. Tokyo Steel’s purchase price at Okayama works decreased for the first time since July 15, 2006 for land transports, which became to around 38,500 yen per tonne for H2 for land and ocean transports.
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