Weak Ferrous Scrap Price in Tokyo

Ferrous scrap price is weak at 22,100 yen per tonne for pressed new cutting scrap and 20,110 yen for new cutting scrap without press at dealers’ purchase price including freight around Tokyo. The price is expected to decrease when local electric furnace steel makers plan output reduction. Japanese scrap export price dropped by 785 yen to FAS 25,270 yen per tonne for H2 for September shipment at export tender held by Kanto Tetsugen on Wednesday from previous month due to lower appetite from steel makers in South Korea and Taiwan. The successful bid decreased for 3 months in a row. Local makers pay 27,000-27,500 yen per tonne for new cutting scrap. Some pay as high as 28,000 yen but the price shows sign for potential lower price. Ferrous scrap price is weak at around 16,500 yen per tonne for H2 around Osaka.