Japanese Scrap markets react to Tokyo's Scrap price rise

Japan's local ferrous scrap market
in the Kanto area shows some reactions to Tokyo Steel Mfg Co's purchase price hike
in local ferrous scrap from September 3rd 2011, TEX reported. Prices of HMS II
were US$ 430-435/MT i.e. JPY 33000-33500/MT, delivered at plants. Tokyo Steel increased
Scrap prices by JPY 500/MT (US$ 6-7/MT) this time at its Utsunomiya works in
the Kanto area.

Meanwhile, Sanko Steel Co purchase prices remained same of local ferrous scrap
at JPY 36,000/MT delivered at its Hiratsuka works in the Tokyo Bay area.

Three main factors that influenced
the Kanto market for local ferrous scrap are:

– Japan's
ferrous scrap export market for new deals