Japanese stainless scrap price up
2014-04-15 09:07:26 [Print]
BEIJING (Asian Metal) 15 Apr 14 - The price of stainless scrap went up by JPY5,000-10,000/t boosted by sharp and continuous price increase of nickel, with that of 304 grade at JPY155,000-160,000/t (USD1,521-1,570/t). As for the coming market, most traders hold wait-and-see attitudes and they are not sure whether the price can go up further or not.
A trader in Tokyo offers JPY155,000/t (USD1,521/t) for 304 stainless scrap, rising by JPY5,000/t over last week.
The source attributes the price rise to the continuous price increase of nickel. Therein, the price of nickel in LME futures market witnessed a total markup of around USD1,500/t in past two weeks, stimulating local stainless scrap traders to lift quotations. Besides, the source reveals that the demand from downstream customers shows signs of releasing, but it is still far less than that in the peak season. The source’s target sales volume is 1,500t per month, but he estimates that it will be around 1,000t in April. “If the price of nickel keeps rising, that of stainless scrap will follow suit,” adds the source, with a wait-and-see attitude.
Another local trader quotes JPY160,000/t (USD1,570/t) for 304 stainless scrap, rising by USD10,000/t on a week-on-week basis.
According to the source, boosted by the price increase of nickel, lots of local mills like NSSC raised list prices of stainless steel, leading to a price rise of stainless scrap. His sales target is 8,000-10,000t per month, but he deems it is hard to complete it in April since the demand from downstream customers is not strong enough. He explains that the price rises too much and it is beyond downstream customers’ endurance and they prefer to watch the market cautiously rather than place orders actively.
