Tokyo’s Ferrous Scrap Price to Increase to 14,000 yen for H2

Ferrous scrap prices (center values) increase to around 14,000 yen per tonne for H2, 16,300 yen per tonne for H1 and 18,000 yen per tonne for HS for dealers’ purchase price in the Tokyo area, Eastern Japan. Distributors are increasing the cost prices since the export prices are in strong tones. Scrap arrival ratio declined to around 90%.On the other hand, the local electric furnace steel makers purchase the ferrous scrap at 22,500-23,000 yen per tonne for H2. The price is 1,000-15,000 yen cheaper than the new export contract prices. The supply is likely to be tight for the time being.