Higher Japan Ferrous Scrap Consumption

Japanese ferrous scrap consumption by converter, electric furnace and casting industry increased by 6.2% to 4.917 million tonnes in May from April, which represents first increase in 2 months, according to Japan Ferrous Raw Materials Association. The converter increased the consumption by 7.8% to 1.29 million tonnes in May from April. The consumption increased by 8.3% to 2.962 million tonnes for electric furnace while the casting industry reduced the consumption by 2.5% to 562,000 tonnes. The supply decreased by 5.4% to 4.722 million tonnes in May from April, which decreased for the first time in 4 months. The supply decreased by 0.7% to 1.315 million tonnes from steel makers and by 4.2% to 3.409 million tonnes from the market.