Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at around 31,000 yen per tonne for H2, at around 33,300 yen for H1 and at around 35,000 yen for HS grade at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak under oversupply. Local electric furnace steel makers pay 36,500-38,500 yen per tonne for H2 grade while some makers pay as high as 40,000 yen. The makers try to reduce the purchase price while the dealers reduce the purchase price. The price could decrease more when the makers reduce the purchase volume under maintenance outage. Ferrous scrap market price is weak at around 32,000 yen per tonne for H2 grade around Osaka.