Ferrous scrap price increased by 500 yen from last week to 21,100 yen per tonne for pressed new cutting scrap and to 20,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The market price is likely to keep firm. The price increased by 3,500 yen per tonne or around 20% from the bottom in early February. The supply is getting tighter when special steel making electric furnace steel makers increase the scrap purchasing. Local electric furnace steels pay 27,000-28,000 yen per tonne for new cutting scrap and they are willing to pay more under the tight market condition. Some dealers, however, see the makers won’t pay more when the scrap shipping price at FAS would increase more.
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