By  Paul Ploumis 14 Sep 2015  Last updated at  06:40:57 GMT

TOKYO (Scrap Monster): The recent survey conducted by the Japan Iron and Steel Recycling Institute indicates that the country’s domestic ferrous scrap market continued to remain weak during the month of August this year. The delivered prices of No 2 HMS shed almost Yen 2,000 per ton by end-August in comparison with the prices at the beginning of the month.

According to the survey, sharp fall in domestic mini mill products impacted distribution volume of local ferrous scrap in the country. Leading steel maker, Tokyo Steel reduced its local ferrous scrap buying prices four times during the month. The ferrous scrap stocks at domestic steelmakers in the country totaled 3,105,000 tons in end-June, rising by almost 156,000 tons from the previous month-end.

Export orders for Japanese scrap from South Korea weakened after South Korean steel makers entered into new purchase deals with US and Russian suppliers. The country’s ferrous scrap exports remained unchanged from the previous month at 750,000 tons in July ’15. The export prices averaged at Yen 22,700 per ton FOB Tokyo Bay in August, significantly down by Yen 1,400 per ton from a month ago.

Japan’s domestic ferrous scrap prices averaged at Yen 21,600 per ton delivered at steelworks. The delivered price of No 2 HMS at steel works in Hokkaido were down during the month of August by Y 1,500-2,500 per ton to Y 20,000 per ton.

The price trends in other areas during the month are as follows:-