Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price decreased by 500 yen to 28,500 yen per tonne for H2 grade, 30,800 yen for H1 and 32,500 yen for HS at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak due to lower export price and offshore market. Successful bid decreased for the first time at monthly tender for June shipment by Kanto Tetsugen on Thursday. The averaged price was FAS 34,833 yen per tonne from Tokyo bay for H2, which decreased by 1,427 yen from previous tender. US composite scrap price dropped and South Korean steel makers reduced the domestic scrap purchase price. The weaker offshore market impacts on Japanese market. Scrap market price is also weak at around 28,500 yen per tonne for H2 around Osaka. The market price is expected to drop more even after local electric furnace steel makers reduced the purchase price recently.