Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at around 35,100 yen per tonne for pressed new cutting scrap and at around 34,100 yen for new cutting grade without press at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak due to local oversupply. 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. Many of the local makers limit the scrap acceptance while they are finishing seasonal maintenance outage period. Their scrap purchase price decreased by around 6,000 yen per tonne in 3 days through August 30. Ferrous scrap market price decreased by total 8,000 yen per tonne around Osaka last week. The price is around 32,000 yen per tonne for H2 grade at the dealers’ purchase price.