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Japan's stainless scrap price slumps in May
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Japan's stainless scrap purchasing price has been reduced by ￥30,000/ton in May.
Prices of stainless scrap are now around ￥25,500~26,000/ton. The main reason is that nickel price on the LME was falling since last week.
The International Nickel Study Group forecasts a nickel surplus of 70,000 tons this year. Besides, major stainless steel mills will continue to cut production in June. A market analyst said the slide will be limited by high production costs.
Japanese stainless steel mills will keep a close eye on scrap market developments
News Date
5/30/2008 9:37:59 AM
reported by
Margaret Yeh
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