Ferrous Scrap Price Increases around Tokyo

Electric furnace steel makers around Tokyo raised their purchasing price for ferrous scrap to 28,500-29,000 yen per tonne for H2 grade. The makers purchase ferrous scrap actively with the increase in their production. Ferrous scrap market price would keep flat with potential increase for a while under the situation. Tokyo Steel Manufacturing raised the purchasing price by 500 yen per tonne for all items on and after November 18 other than marine delivery at Kyusyu works. The purchasing price at Utsunomiya works increased to 30,500 yen per tonne for H2, to 31,500 yen per tonne for new cutting scrap and to 24,000 yen per tonne for steel turning scrap on November 27. The price for H2 exceeded 30,000 yen per tonne for the first time since Utsunomiya works opened. Some electric furnaces around Tokyo raised their purchasing prices by around 500 yen per tonne following Tokyo Steel Manufacturing’s hike. Most of the makers were likely to achieve the hike within last week. Ferrous scrap shipping price keeps high at Tokyo bay. Tokyo Steel Manufacturing raised ferrous scrap purchasing price by marine arrival by 500 yen to 31,000 yen per tonne for H2 at Okayama works from November 22. The price reached to 31,000 yen for the first time in 25 years. Hyundai Steel, South Korean electric furnace steel maker, offered FOB 29,200 yen per tonne as the purchasing price for Japanese ferrous scrap of H2 grade at import tender on November 22. The price was 700 yen higher from previous tender and hit the highest.