Japanese nickel-based stainless steel scrap prices drop
Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced to cut the nickel-based stainless steel scrap prices by about US$63/ton for May shipment on May 8th.
NSSC estimated that the nickel prices would probably keep dropping in the recent a few weeks.
In May, major Japanese traders offered US$1812.5~US$1875/ton for nickel-based stainless steel scrap, similar to the price level offered by South Korean traders.
Industry sources said that the mills had a good reason to cut the stainless steel scrap prices as the prices of stainless steel product had went down for the consecutive four months and the nickel price at LME had kept falling since early May.
News Date 14 May 2012 11:55:50 reported by Kasim Xu