Tokyo's Ferrous Scrap Price Rises Sharply
The ferrous scrap market prices in the Tokyo area rise sharply. Utsunomiya plant of Tokyo Steel Manufacturing increased the purchase price of ferrous scrap by 2,500 yen per tonne to 29,500 yen per tonne for special high grade, which renewed the highest price at 29,000 yen in Novembr 1995 when the factory was established, and the price of 29,000 yen mark per tonne is in the high level after about 24 years. The purchase price in the local electric furnace makers seem to be 30,000 yen per tonne for H2 because of the price hikes of other electric furnace makers.
The purchase price of ferrous scrap price in the area is around 28,000-28,500 yen per tonne for H2, and 29,500 yen per tonne as the highest price, and it increased by 66.1% from the end of this June. Kimitsu Works of Nippon Steel increased the purchase prices by 2,500 yen per tonne to 30,800 yen per tonne for H1, following Tokyo Steel Manufacturing's price hikes of ferrous scrap.
The shipping prices in the coast of Tokyo Bay are increasing monotonously. The price for dmestic uses is around FAS 27,500 yen per tonne, the export price is FAS 25,500-26,000 yen per tonne. US Ferrous scrap price increased to $307.50 per tonne for no. 1 heavy. The overseas markets are more likely to rise further.
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