November 20, 2008

Japanese scrap price increase rate to slow down

The pace of new production scrap price rises in Japan seems to slow down.

Hyundai Steel has decreased its purchasing prices by JPY 500 to JPY 1,000 per tonne for Japanese scrap, at JPY 78,000 to JPY 78,500 per tonne FOB. The price was as high of JPY 78,500 to JPY 79,000 per tonne before.

Hyundai Steel has bought some 400,000 tonnes of scrap from America and Russia and therefore it is not in a hurry to import scrap from Japan.