Flat Ferrous Scrap Price in Tokyo

Ferrous scrap market price is neutral at around 35,100 yen per tonne for pressed new cutting scrap and a around 34,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is expected to hit bottom with resuming export shipping. Local electric furnace steel makers pay 41,000-42,000 yen per tonne for new cutting scrap and some makers pay as high as 42,500 yen. Hyundai Steel of South Korea offered around FOB 50,000 yen per tonne for Japanese scrap in the week, which is 1,000 yen lower than previous week. However, the price is much higher than purchase price by local makers. Ferrous scrap market price is weak at around 32,000 yen per tonne for H2 grade around Osaka.