New cutting scrap price is strong tone in Tokyo. It is around 17,600 yen per tonne for press, around 16,600 yen per tonne in bulk, at dealer’s purchasing price including freight.The purchasing price of new cutting scrap by local electric furnaces steel manufactures is 24,500-25,000 yen per tonne. The supply and demand of high grade scrap is tight.Some dealers are increasing inventories in expectation of a further rise caused by reaction of export price of ferrous scrap at Tokyo bay area. At the moment, market is likely to remain with strong tone.On the other hand, March ferrous scrap opend 50 yen higher on the morning session at 25,910 yen on Monday. Future price is expected to be strong tone since spot quotation changed to underlying upward trend.
Japan Steel Scrap Composite Prices (Sangyo Press)09/28/2023
|50400YEN (-)||52000YEN (-)|
|334.55US$ (-1.27)||345.17US$ (-1.31)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)