Tokyo steel raised ferrous scrap price for the second time in a week. The steelmaker raised ferrous scrap purchase prices, Friday, by JPY1,000/mt ($9.4/mt) delivered Utsunomiya and Tahara plant, effective Feb 27, while for the other three works by JPY500/mt. Tokyo steel’s bids for #2 HMS were at JPY41,000/mt ($386/mt) del Tahara, JPY40,500/mt del Okayama, JPY40,000/mt del Kyushu, JPY39,500/mt del Takamatsu, and JPY41,000/mt del Utsunomiya.
Ferrous scrap export prices are expected to rise further for both domestic sales and seaborne trade due to tight supplies. South Korean, Vietnamese and Taiwanese mills are consistently raising bids and negotiating for higher volumes to secure material ahead of expected price increases in March.