Weak Ferrous Scrap Price in Tokyo

Ferrous scrap market price is weak at around 59,500 yen per tonne for H2, at around 61,800 yen for H1 and at around 63,500 yen for HS grade at dealers’ purchase price including freight around Tokyo. The price is likely to keep weak due to less consumption and slower export shipping from Tokyo bay. Local electric furnace steel makers pay 65,500-68,000 yen per tonne for H2 grade. The supply is enough to the local consumption when the scrap export shipping is slower than before. Offshore steel makers are apparently reluctant to buy high priced Japanese scrap when South Korean buyers secured immediate requirement. Ferrous scrap market price is dropped to around 60,000 yen per tonne level for H2 grade around Osaka.