Higher Ferrous Scrap Price in Tokyo

Ferrous scrap price increased by 500 yen to 29,600 yen per tonne for pressed new cutting scrap and 28,600 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is expected to keep firm under higher export price. Local electric furnace steel makers pay 33,000-34,000 yen per tonne for new cutting scrap and some pay as high as 35,500 yen. The purchase price increased by around 2,500 yen in a month when the makers competed with export price to secure materials. The competition is expected to lift the market price. Ferrous scrap market price is firm at around 24,000 yen per tonne for H2 grade around Osaka.