Japan Ferrous Scrap Market Price Reaches 30,000 Yen/t

Japanese ferrous scrap market price continues rising and reached 30,000 yen per tonne for H2 grade for the first time in one and a half months around Tokyo. The supply and demand balance has tightened since ferrous scrap export price to South Korea has surged and the export shipment has progressed. Around Osaka, local electric furnace steel makers have raised scrap purchasing prices. Some pay as high as 30,000 yen.

The market price has increased by 3,000-4,000 yen around Tokyo and by 2,000-3,000 yen around Osaka this month. Electric furnace around Tokyo purchased H2 at 29,500-30,000 yen and some paid as high as 30,500 yen as of Wednesday. Most steel makers raised the purchase price by 1,000 yen on Monday.

Scrap exporters around Tokyo Bay purchase H2 at FAS 28,500-29,000 yen, lower than local steel makers’ purchase price. Ferrous scrap export maintains firm to South Korea and then steel makers are raising the purchase price to secure material stocks.