Steel Makers Raise Ferrous Scrap Purchase Price in Osaka

Ferrous scrap purchasing price by electric furnace makers pierced the 30,000 yen per tonne for H2 grade around Osaka. Their production keeps high level. Their consumption of ferrous scrap is increasing. Meanwhile, they must step up the inventory of ferrous scrap since New Year vacation is long more than current year, which are continuing the purchasing of it. The purchasing price of it increased to around 30,000-31,000 yen per tonne by 2,000-2,500 yen or 8% for a month. Each steel makes started to expand their price hike from the ended of October before 3 consecutive holidays. Tokyo Steel Manufacturing, Japanese biggest electric furnace maker, raised the purchasing price at 4th after November 18. Kishiwada Steel raised the purchasing price by 1,500 yen per tonne for turning steel scrap, by 1,000 yen for other scrap from December 6. The market mood is rising rapidly. Dealer source said that the shipping is low because actual price hike is expanding but also official price is rising in a short time.