Ferrous Scrap Price Weakens in Tokyo

Ferrous scrap price is still weak in Tokyo at around 16,500 yen per tonne for H2, around 18,500 yen per tonne for H1 and around 20,500 yen per tonne for HS at dealers’ purchase price including freight.Export shipping is fewer than usual this week, though improving from last week. Ferrous scrap export price is around FAS 23,800-24,000 yen per tonne for H2.Electric furnace steel makers around Tokyo purchase ferrous scrap at 23,500-24,500 yen per tonne for H2. They seem to have overstock against consumption. Some makers stop the purchase or controlling the volume of ferrous scrap. Both the market price and electric furnaces’ purchase price would decline under easy supply.In Osaka, ferrous scrap price is flat at around 15,500 yen per tonne for H2.