| The TEX Report Topics < Ferro Alloys > | |
| HOME >> Topics List >> March, 2008 >> 24 (Mon) |
| Price Of Domestic Ni-Based Stainless Steel Scrap Is Reduced From 21st March |
| = Nippon Steel & Sumikin Stainless Steel Reduces Their Purchase Price By Yen 30,000 Per Ton |
|
Nippon Steel & Sumikin Stainless Steel notified the distributors concerned to reduce from the 21st of March the price of nickel-based stainless steel scrap ( new clippings ) to be purchased by them from domestic sources by Yen 30,000 per metric ton. In view of the facts that the exchange rate of US-Dollar against Japanese Yen has weakened to a large extent and LME nickel prices have turned to fall to a lower level than US$30,000 per metric ton, Yen price of nickel-based stainless steel scrap to be delivered from domestic sources has to be reduced. Accordingly, new price of this scrap to be paid by stainless steel mills is supposed to come to approximately Yen 260,000 per metric ton delivered to mills. For a reference, price of nickel-based stainless steel scrap to be purchased by a major exporter is also reduced from the 22nd of March. Also, the dealers to collect stainless steel scrap from domestic sources had so far taken a bullish attitude for collection of this scrap and paid Yen 310,000 per ton ex. yard for collection until the middle of March but, finally, the current price of nickel-based stainless steel scrap has returned to that paid by stainless steel mills for their purchases at the beginning of March. Namely, Yen price of nickel-based stainless steel scrap in March once rose but turned to fall in the month. Yen price of nickel-based stainless steel scrap to be purchased from domestic sources in March has fluctuated to a large extent but the maximum factor is the suddenly and extremely weakened exchange rate of US-Dollar against Japanese Yen ( or the considerably strengthened exchange rate of Yen against US-Dollar ). LME nickel prices in the second week of March once rose to a higher level of US$33,000 per ton as recorded in November of 2007 but LME nickel prices at the 19th of March fell to a lower level than US$30,000 per ton. Also, that at the 20th fell to US$28,285 per ton, suggesting a basic tone to continue a further fall for nickel price. Furthermore, being encouraged by high price of Sabot, Yen price of stainless steel scrap to be collected from domestic sources for exports once rose but, owing to the steeply weakened exchange rate of US-Dollar against Yen in the last one week, a merit to export stainless steel scrap from Japan has resulted to be diluted by this substantial change of the exchange rate. |
| last modified : Thu 27 Mar, 2008 [10:45] |
