Japan Stainless Scrap Price Rises Rapidly

Japanese stainless scrap market price is rising rapidly for SUS 304 due to high nickel price at London Metal Exchange (LME). Scrap exporters and dealers are increasing purchase price this month with an expectation the market price would rise more.

Nickel price exceeded US$ 25,000 per tonne on April 1st. At the same time, yen exchange rate weakened against US dollar. A dealer source said stainless scrap market price rose by 30,000-40,000 yen per tonne since March and dealers expect the market price more rise.

Nippon Steel & Sumikin Stainless carries out scheduled revamping of the furnace in May. Another large dealer said dealers are increasing purchase volume of stainless scrap all around Japan though domestic consumption of stainless scrap is likely to decrease.