Ferrous Scrap Price Ups by 500 yen/t in Tokyo

Ferrous scrap market price increased by 500 yen from last week to around 18,000 yen per tonne for H2 grade, 20,300 yen for H1 and 22,000 for HS at dealers’ purchase price including freight around Tokyo. Local electric furnace steel makers pay 26,000-27,000 yen per tonne for H2 and they are likely to pay more when they keep high level production. The price increased by 4,500 yen or around 20% from the bottom in January. The scrap export keeps high level of 50,000-60,000 tonnes per week from Tokyo bay. The scrap export shipping is likely to keep the level despite of the acceleration of export shipping when the exporters still have 150,000-160,000 tonnes of order backlog to export.