Firm Ferrous Scrap Market in Tokyo

Ferrous scrap market price is firm at 28,500 yen per tonne for H2, 30,800 yen for H1 and 32,500 yen for HS at dealers’ purchase price including freight around Tokyo. Local electric furnace steel makers pay 34,500-35,000 yen for H2 grade. The market is expected to keep firm under higher export price. Tokyo Steel Manufacturing increased the scrap purchase price by 1,000 yen to 36,000 yen per tonne for H2, 37,500 yen for new cutting grade without press and 29,500 yen for turning scrap on March 20 to compete with increasing export price. Other local makers followed the move. They increased the purchase price by more than 2,000 yen in the month. Scrap export price increased hit record FAS 35,995 yen per tonne for H2 in average at monthly export tender for April held by Kanto Tetsugen on March 13. Hyundai Steel of South Korea offered around FOB 38,000 yen to Japanese dealers on March 20 at weekly Japanese scrap tender, which was 500 yen higher than previous week.