Ferrous Scrap Price Keeps Strong in Tokyo

Ferrous scrap price increased by around 500 yen per tonne in Tokyo from the previous week due to the increase of the scrap export price. The price is at around 16,500 yen per tonne for H2, around 18,800 yen for H1 and around 20,500 yen for HS at dealers’ purchase price including freight in Tokyo. Dealers’ purchase price increased slightly around Tokyo Bay area when the successful tender price was high at the export tender held by Kanto Tetsugen last week. The export price of ferrous scrap increased to around FAS 24,500 yen per tonne for H2 grade for new contracts at Tokyo Bay. Some local electric furnaces keep their purchase prices unchanged, while some purchase ferrous scrap at the higher price for the immediate demand. Local dealers raised their purchase prices by 3,000 yen from the bottom price in early February, which increased by 22%. The market price of ferrous scrap maintains strong substantially.