Weak Ferrous Scrap Price in Tokyo

The price of ferrous scrap price is weakening. It is around 13,500 yen per tonne for H2, around 15,800 yen per tonne for H1 and around 17,500 yen per tonne for HS for separate at dealers’ purchase price including freight. Local electric furnace steel makers purchase ferrous scrap at 21,500-22,500 yen per tonne for H2. Arrival of ferrous scrap to each maker is smooth and the price is weakening especially for new cutting scrap. Tokyo Steel Manufacturing conducts regular maintenance at Utsunomiya plant till January 27. Supply of ferrous scrap is easing when electric furnaces continue output control following only the immediate demand. Ferrous scrap export would become stagnant for a while when Asian countries enter a lunar New Year vacation from January 29. Asian steel makers almost finished large lot purchase of ferrous scrap by spring. Japanese export price could not rebound much.