Ferrous Scrap Price Rises by 500 yen/t in Tokyo

Ferrous scrap price increased by 500 yen from previous week to 25,600 yen per tonne for pressed new cutting scrap and to 24,600 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is expected to keep the level when the export price keeps firm. Hyundai Steel of South Korea purchased Japanese scrap at 700-800 yen higher price at tender on Friday from previous tender. The maker’s offer price to Japanese scrap increased for 3 weeks in a row. The price increased by 800 yen to record FOB 32,500 yen per tonne for new cutting scrap and by 700 yen to record 29,200 yen for H2. Ferrous scrap price is also firm at around 18,000 yen per tonne for H2 around Osaka.