Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at around 29,900 yen per tonne for steel turning scrap, at around 32,900 yen for A grade pig iron turning scrap and at around 31,900 yen for B grade pig iron turning scrap at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak due to the oversupply. Local electric furnace steel makers pay 35,000-39,500 yen per tonne for turning scrap. They keep reducing the price and the level is around 26,000 yen lower than recent peak in early July. The local supply is much more than the local consumption when the makers are in seasonal maintenance outage and the export from Tokyo bay is low level. Local dealers expect the price could decrease by mid-September when local steel makers finish the outage. Ferrous scrap market price is decreasing to around 40,000 yen per tonne for H2 grade around Osaka.