Ferrous Scrap Price Ups Slightly in Tokyo

Ferrous scrap price increased slightly around Tokyo. Tokyo Steel Manufacturing raised the purchase price to 30,500 yen per tonne for H2 grade at Utsunomiya works, Okayama works and Kyusyu works on Saturday. The price hit the record at Utsunomiya works and the highest in 25 years at Okayama works. Other electric furnace steel makers might raise ferrous scrap purchasing price when they increase their production.Tokyo Steel Manufacturing raised ferrous scrap purchasing price by 500 yen per tonne for all items to 30,500 yen for H2, to 31,500 yen for new cutting scrap and to 24,000 yen for steel turning scrap on Saturday. The prices hit the records.Other electric furnaces around Tokyo raised their purchase price following Tokyo Steel Manufacturing. Makers’ purchasing price is averagely around 28,500-29,000 yen per tonne for H2 around Tokyo. Makers are active to procure enough scrap for their output expansion.Ferrous scrap export price is steady at Tokyo bay. South Korean major steel maker, Hyundai Steel raised the offer price for Japanese ferrous scrap by about 500 yen per tonne at the tender held in last week. The export price increased to around FAS 27,500 yen for H2, which exceeded 27,260 yen for H2 for December shipping at export tender held by Kanto Tetsugen on November 9.