Japanese ferrous scrap consumption decreased by 0.8% to 3.701million tonnes in February from January, which decreased for 5 consecutive months, according to Ministry of Economy, Trade and Industry. The consumption for converter steel decreased by 8.1% to 1.054 million tonnes while the consumption for electric furnace steel increased by 2.8% to 2.114 million tonnes. The consumption for cast metal increased by 7.9% to 465,000 tonnes.
On the other hand, domestic ferrous scrap supply increased by 6.5% to 3.778 million tonnes in February from January, which increased for the first time in 5 months. Return scrap from steel makers decreased by 2.9% to 1.149 million tonnes. Scrap supply from market including import increased by 11.3% to 2.629 million tonnes. Ferrous scrap utilization in converter steel upped by 0.3 points to 13.9% in February from January, the first plus in 2 months, according to Japan ferrous Raw Material Association. In March, some of integrated steel makers decreased scrap procurement largely after Japan Earthquake. Meanwhile, in April, steel makers mainly in West Japan raised material purchasing plans since iron ore and coal prices jumped up while scrap market price lowered in March. After the earthquake, new cutting scrap generation sharply decreased due to car makers’ plants suspension. Thus high grade scrap demand and price are steeply rising.Japan Steel Scrap Composite Prices (Sangyo Press)
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