Japanese ferrous scrap market price continues surging. Price trend is strong in Tokyo and Osaka due to firm scrap export and domestic supply tightness. Japan’s largest electric furnace steel maker, Tokyo Steel Manufacturing raised its scrap purchasing price by 500-1,000 yen per tonne on Friday at four plants other than Kyushu plant. Other electric furnaces followed the hike.Electric furnace steel makers around Tokyo pay 31,500-33,000 yen per tonne for H2 grade. Tokyo Steel’s Utsunomiya plant raised the purchasing price by 500 yen and other local electric furnaces followed the hike by 500-1,000 yen on Friday. The scrap export shipment keeps active at Tokyo bay when the supply is tight at local dealers. The exporters pay around FAS 32,500 yen for H2 grade around Tokyo bay. The export price continues surging. Around Osaka, electric furnaces purchase 31,500-32,500 yen per tonne for H2 grade and some makers pay as high as 33,500 yen. Major electric furnaces in Osaka and Himeji areas raised the purchasing prices by 500-1,000 yen to follow Tokyo Steel’s price hike on Friday.
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