New Factory Busheling Scrap Price to be in Strong Tones in Tokyo

New factory busheling scrap price is in strong tones in the Tokyo area due to increase of purchase volume by blast furnace steel manufacturers and rally of the export price. It is around 17,600 yen per tonne for press, and around 16,600 yen per tonne for non-press for dealers’ purchase prices.The purchase prices by the local electric furnace steel manufacturers are around 24,000-24,500 yen per tonne. Many dealers expect the prices to rise in the future.Dealers are increasing inventories, and the scrap distributed is decreasing. On the other hand, futures of new factory busheling scrap on Central Japan Commodity Exchange rose by 330 yen per tonne from the previous day to 26,160 yen per tonne for closing price on Tuesday, February 7, which remain with the strong tone relating with the spot quotations. The futures are most likely to be firm for the time being.