Japanese stainless scrap market price plunged by 20,000 yen per tonne for SUS304 series. Stainless scrap demand maintains low when Japanese stainless steel makers continue the output reduction. Japanese stainless steel makers such as Nippon Steel & Sumikin Stainless reduced the scrap purchase price from October. A large dealer source said the overseas market price is not so high to pull up the domestic market price.Nickel price fell to below US$ 16,000 per tonne at London Metal Exchange on 30 September. Weak nickel price impacted stainless scrap price. Scrap generation is decreasing from processing plants. A large dealer source said the supply and demand balance of stainless scrap is easy despite of low inventory level at dealers. Ferrous scrap market price decreased, too. The price downed by 5,000 yen per tonne compared with the beginning of this month around Tokyo to below 40,000 yen per tonne for H2 grade. Electric furnace steel makers’ purchase price decreased to 38,000-39,000 yen per tonne and some pay as high as 40,000 yen. Local electric furnaces such as Tokyo Steel manufacturing, Japanese largest electric furnace steel maker, cut the purchase price due to looser supply and demand around Tokyo. Scrap export contracts are also slow at Tokyo Bay. Some exporters decreased export price or stopped the purchase of ferrous scrap. Under these conditions, Utsunomiya works of Tokyo Steel Manufacturing decreased the purchase price on 3 and 4 October by total 5,000 yen per tonne. Other electric furnaces followed the price cut. Many dealers anticipate makers’ purchase price more decrease. Ferrous scrap market price around Osaka is closing to 40,000 yen per tonne for H2 grade. In last week, local electric furnaces reduced the purchasing price of ferrous scrap. Their purchasing price decreased by 7,000 yen or 15% to 40,000-41,000 yen per tonne for H2 compared with the beginning of this month.
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