Japanese ferrous scrap market price continues to rise. Export market price keeps high to East Asia while Tokyo Steel Manufacturing raised scrap purchasing price on Saturday. Other electric furnaces followed Tokyo Steel’s hike around Tokyo and Osaka. Scrap export prices at the current export tenders held by Kanto Tetsugen and Kansai Tetsugen on Friday hit average FAS 31,000-32,000 yen per tonne, higher than domestic market price. One scrap dealer showed an expectation the market price would surge more thanks to increasing offers from South Korea and other countries.Around Tokyo, electric furnace steel makers purchase H2 grade scrap at 30,000-31,000 yen per tonne. Utsunomiya works of Tokyo Steel increased the purchase price by 1,000 yen on Saturday. Until Monday, other steel makers implemented the hike, too. Scrap purchasing price by dealers around Tokyo Bay is rising to FAS 30,500-31,000 yen. Another background seems that local steel makers are increasing the output along with the demand recovery around Tokyo. Around Osaka, electric furnaces purchase H2 at 29,500-30,500 yen for H2 around Osaka and some pay as high as 32,000 yen. They raised the purchasing price by 500-1,500 yen around Osaka and Himeji areas when export tender price and Tokyo Steel’s purchase price surged. One local scrap dealer said some steel makers show strong appetite for material procurement even at high offer prices. The market price is also rising for high grade scrap such as HS despite of integrated steels’ weak demand.
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