Tokyo Steel Manufacturing, Japanese largest electric furnace steel maker, reduced the purchase price of ferrous scrap by 500 yen per tonne at Okayama works, Kyusyu works and Takamatsu works on January 12. At Kyusyu works, this is the first price down since November 5, 2011. Meanwhile, the purchasing prices were unchanged at Utsunomiya works and Tahara works.The purchasing price of H2 grade scrap at Okayama works decreased to 33,000 yen per tonne for land delivery and to 32,500 yen for marine delivery. Kyusyu works lowered the price to 33,500 yen for marine delivery and to 33,000 yen for land delivery. Takamatsu works set the price at 31,500 yen for both land and marine delivery. Utsunomiya works pays 33,000 yen while Tahara works 32,000 yen. American ferrous scrap market price has strongly risen since the beginning of this year. U.S. composite price, which is the average of the market prices in Pittsburg, Chicago and Philadelphia, increased by US$ 21.67 to US$ 432.5 in the second week of January from last week. The composite price surged for two weeks in a row.
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