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Ferrous scrap price continues to drop in Tokyo

JMB reported that ferrous scrap market price slightly decreased around Tokyo. The price is JPY 29,000 to JPY 30,000 yen per tonne for H2 grade at local electric furnace steel makers' purchase while some makers pay around JPY 30,500.

Tokyo Steel Manufacturing reduced scrap purchase price by JPY 500 at Utsunomiya plant on January 28th 2012 and most of local makers reduced the price by JPY 500 to JPY 1,000 on January 30th 2012. The price is around JPY 2,500 lower than the price in the beginning of January 2012.

Local dealer source sees ferrous scrap oversupply compared with the demand around Tokyo. The supply is stable for local electric furnaces but the shipping slows for export and western Japan. The source sees the dealers apparently increased the supply for local electric furnaces under expectation for price decrease.

Japanese industry source sees the scrap export price would increase for China and South Korea after Chinese New Year holidays. The source sees higher export price would lift the domestic market price. The shipping would increase for export around Tokyo bay while US scrap market price is weak.

Sourced from japanmetalbulletin.com

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