Japan Stainless Scrap Price Rebounds

Japanese stainless scrap price, which decreased by 20,000 yen per tonne in June, increased by 20,000 yen for SUS304 grade with 18% chrome and 8% nickel since mid-July. Domestic steel makers increase the purchase price after major exporters increased the purchase price by 20,000 yen in early July. Nickel price at London Metal Exchange surged after the price dropped and Japanese steel makers reduced the scrap purchase price by 20,000 yen per tonne in mid-June. With expectation of higher price, stainless scrap transaction got slower. The transaction recovered after makers’ purchase price down in mid-June. Domestic makers apparently have enough scrap inventory and increase the scrap price only by what they reduced in June.