Japanese ferrous scrap price continued to increase to 29,500-31,500 yen per tonne for H2, and some pay as high as around 32,000 yen, which increased by 3,000-4,000 yen from the beginning of November due to rising contracted export price of ferrous scrap and shortage of ferrous scrap in the market. Local electric furnace steel makers’ purchase price increased by 2,500-3,000 yen to 30,500-31,500 yen for ferrous scrap for H2 grade from last week around Tokyo, and some pay as high as around 32,000 yen. Each maker raised the purchase price by 1,000 yen from Tuesday.
Most local makers raised the purchase price step by step from last week, while export price is rising from Tokyo bay. Because dealers are shipping to exporters, local makers are purchasing ferrous scrap at higher price. Some local electric furnace makers is raising the purchase price of it around Osaka when Tokyo Steel Manufacturing raised the purchase price from Tuesday. The purchase price of ferrous scrap is 29,000-30,000 yen per tonne by local steel makers for H2 grade and some pay as high as around 31,000 yen. A dealer source said steel makers can’t purchase it enough, and offered spot price. Export tender price by dealers around Osaka was 29,620 yen at same level of local steel makers’ purchase price on Monday. Ferrous scrap isn’t abundance when dealers have existing contract of export and schedules export at 10,000 tonnes within this year, according to a dealer source.Japan Steel Scrap Composite Prices (Sangyo Press)
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