Electric Furnace Steels to Decrease Ferrous Scrap Buy Price in Tokyo

Electric furnace steel makers decrease the ferrous scrap purchase prices around Tokyo for the first time in 3 months. Their payment decreased by 500 yen to 33,500-36,000 yen per tonne for H2 grade. Utsunomiya works of Tokyo Steel Manufacturing pays 37,000 yen. When dealers’ shipment to makers keeps active, most makers decreased the purchase price by 500 yen this week.Ferrous scrap export is slow from Tokyo bay. Dealers’ scrap shipment exceed makers’ request volume in the region. Each maker has advanced inventory prepare before long holidays from this week end to early May Some makers stopped or reduced the purchasing volume.Ferrous scrap purchase price is also decreasing in Osaka when some makers finished securing of inventory for long holidays. Electric furnace steel makers decreased the ferrous scrap purchase prices by 250 yen per tonne to 38,000-39,000 yen for H2 grade this week from last week because ferrous scrap shipment from Tokyo increased to Osaka due to good allocation of ships or lower export price.However, most makers in Osaka have not finished inventory procurement yet and they keep purchasing ferrous scrap actively. Market price is not in downtrend yet.