Higher Ferrous Scrap Price in Tokyo

Tokyo Steel Manufacturing increased the ferrous scrap purchase price by 500 yen per tonne for all grades at all plants on Saturday. The firm increased the price to 36,000 yen per tonne for H2 both for land and ocean transport at Okayama plant. The price also increased to 35,500 yen at Kyushu plant, to 34,000 yen at Takamatsu plant and to 33,500 yen at Utsunomiya plant both for land and ocean transport. Ferrous scrap market price is firm at 24,500 yen per tonne for H2, 26,800 yen for H1 and 28,500 yen for HS grade at dealers’ purchase price including freight around Tokyo. The price is likely to keep firm under firm export transaction from Tokyo bay. Hyundai Steel of South Korea apparently offered around FOB 34,000 yen per tonne for H2 grade at weekly Japanese scrap purchase tender on Wednesday. The price was 1,100 yen higher than previous week and 2,500 yen higher than purchase price by local electric furnace steel makers.