Japanese ferrous scrap market price move slows. Many of electric furnace steel makers leave ferrous scrap purchase price unchanged while the largest electric furnace, Tokyo Steel Manufacturing increased the price on Wednesday. The dealer source sees ferrous scrap market price is flat due to slow export transaction and steel demand despite balanced supply.
Local electric furnaces’ ferrous scrap purchase price is 33,500-34,500 yen per tonne for H2 grade around Tokyo while some makers pay 35,000-36,000 yen. Local makers have held the price in June. Higher grade ferrous scrap supply including new cutting grade remains low around Tokyo due to low generation and stable shipment to western areas. However, the dealer source said the supply from northern Japan keeps H2 grade supply balanced. Export transaction price around Tokyo is same as local electric furnaces’ purchase price at around FOB 35,500 yen per tonne. The price is steadily increasing in June. However, trading firm source sees the export volume is too small to lift local market price. Ferrous scrap market price also slows around Osaka. Local electric furnaces’ purchase price is 36,000-37,500 yen per tonne for H2 grade. Some makers reduced the price this week. However, dealer source sees the electric furnaces could not reduce the price more when Tokyo Steel Manufacturing increased the price on June 23 and 29. Local electric furnaces left ferrous scrap purchase price unchanged around Himeji on Wednesday while Tokyo Steel’s price change normally affects local makers’ price. However, the trading firm sees the makers would increase the price due to scrap supply decrease around Himeji and higher transaction price from Tokyo.Japan Steel Scrap Composite Prices (Sangyo Press)
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