Strong Ferrous Scrap Price in Japan

The market price of new cutting ferrous scrap keeps strong in Tokyo. The price is around 29,600 yen per tonne for pressed new cutting scrap and around 28,600 yen per tonne for new cutting scrap without press at dealers’ purchase price including freight.South Korean steel maker, Hyundai Steel held a tender on February 28 for purchasing ferrous scrap generated in Japan. Hyundai Steel seemed to offer Japanese scrap dealers a counter bid at 38,600 yen per tonne for new cutting scrap, up by 800 yen from the previous tender. The counter bid price was higher than Japanese electric furnace steel makers’ recent purchasing prices around Tokyo by about 3,000 yen.Ferrous scrap export price also keeps strong at Tokyo Bay. Ferrous scrap market price is likely to surge more in Tokyo.Ferrous scrap price is also increasing in Osaka at around 24,000 yen per tonne for H2 grade.