Japanese ferrous scrap price decreased additionally last week. Some electric furnace steel makers’ purchase price decreased to less than 30,000 yen per tonne for H2 grade scrap around Tokyo, which is the lowest level since November 2010. The scrap price is weak due to slow export transaction for East Asia.The export price is around FOB 31,000-32,000 yen per tonne for H2 grade for South Korean buyer. However, a dealer source said the scrap supply is still loose around Tokyo when the scrap flow from eastern Japan to western Japan is slow. Local electric furnace steel makers pay 29,500-31,500 yen per tonne for H2 grade around Tokyo. Tokyo Steel Manufacturing’s Utsunomiya plant and other local makers reduced the scrap purchase price by 500-1,000 yen on Saturday. Scrap shipping price from Tokyo bay is FAS 29,000-29,500 yen per tonne under weak export price. The price is lower than purchase price by local steel makers and decreases more. A trading firm source said local price could decrease more when local makers hold enough scrap inventory. Electric furnace steel makers pay 31,500-32,000 yen per tonne for H2 grade scrap around Osaka. Many of local steel makers reduced the purchase price on Saturday as Tokyo Steel. A trading firm source said the makers secure enough scrap volume with smooth shipping from the dealers while local makers are reluctant to purchase scrap other areas recently.
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