Ferrous scrap market price is rising around Tokyo. Local scrap dealers are purchasing ferrous scrap at around 25,000 yen per tonne for H2 grade, at around 27,300 yen for H1 and at around 29,000 yen for HS. These prices increased by about 2,000 yen per tonne from early February. The background is that local electric furnace steel makers raised their purchase price to secure ferrous scrap from export. Dealers’ export price is also strong. The market price around Tokyo is expected to increase more.Ferrous scrap supply was easy around Tokyo last month due to stagnation of export from Tokyo bay and temporary halt of the electric furnace at Godo Steel’s Funabashi works. Local electric furnace steels had enough scrap and ferrous scrap price declined for both the makers’ purchase price and the market price.The market condition turned around in February. Newly contracted export price increased to about FAS 34,000 yen per tonne for H2 and local electric furnace steels raised their purchasing prices by about 3,500 yen per tonne to 32,500-33,000 yen per tonne. The purchase price exceeded the level at the beginning of 2007.Tokyo Steel Manufacturing raised the ferrous scrap purchase price by 500 yen per tonne for all grades at all plants on Saturday. The firm has revised the price five times this month. Its H2 purchasing price became to 36,500 yen per tonne at Okayama plant and Kyushu plant, to 34,500 yen at Takamatsu plant and to 34,000 yen at Utsunomiya plant for both land and marine transport.
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