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| Price Of Ni-Based Stainless Scrap Is Carried Over To Next Month On High Level As Remained |
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The domestic price of nickel-based stainless steel scrap (new clippings) in Japan has risen further after summer holidays were over and has currently remained on the high level of Yen 180,000 - 185,000 per metric ton. After summer holidays passed, stockists sold the cargoes of nickel-based stainless steel scrap held by them and, accordingly, an availability of actual cargoes has been felt to see some increase. Owing to the fact that LME nickel prices fluctuated largely in the last 2 weeks and the dealers concerned felt the current prices as a reasonable level, they sold some stocks of nickel-based stainless steel scrap held by them but the generation of this scrap in Japan does not increase yet. After summer holidays were over, LME nickel prices fluctuated in the range of US$18,975 per ton as a lower side and US$19,695 as a higher side and a differential of LME nickel prices between lower and higher sides was US$750 per ton but domestic price of nickel-based stainless steel scrap in Japan is moving on the level, which has risen by Yen 10,000 per ton from that prevailed before summer holidays. Stainless steel companies in Japan have opposed a further rise of price for nickel-based stainless steel scrap but, in view of the present situation on supply of this scrap, have been obliged to purchase nickel-based stainless steel scrap at the prices of Yen 180,000 - 185,000 per metric ton delivered to mills. The production of stainless steel in Japan has recovered from July and is now being operated on nearly full scale, causing the circumstances to give a priority to secure actual cargoes of raw materials. The price of Yen 185,000 per metric ton for nickel-based stainless steel scrap is equivalent to US$7.39 per lb. of Ni, corresponding to 83% of LME nickel price (US$8.845 per lb. at the 26th of August). The supply of nickel-based stainless steel scrap in Europe has tightened and market price of this scrap has risen to the level, corresponding to 90 - 95% of LME nickel price. As an aftereffect of the excessive nickel stocks arisen in Japan from autumn of last year, an estimation of nickel-based stainless steel scrap in Japan has been left on a lower level than that in Europe but this estimation of scrap price has come to the highest edge to be paid by Japanese mills and, in the worst case, mills' side will supposedly consider to use nickel metal instead of nickel-based stainless steel scrap. The price of nickel-based stainless steel scrap to be exportable from Japan to China is US$1,900 - 1,950 per metric ton CIF at present, which will come to Yen 177,000 per metric ton FOB Japan by deducting necessary charges for export to China. Therefore, the business to sell nickel-based stainless steel scrap to Japanese customers at high prices has an advantage and dealers in Japan have rapidly lost an intention to export this scrap. An extraordinary fever to import nickel into China has currently come to a standstill and is cooling down. Accordingly, Chinese side has taken an attitude to watch carefully about further movements of price for nickel-based stainless steel scrap for the time being. The movements in Japan of prices for nickel-based stainless steel scrap and Sabot during January 2008 - August 2009 were as per the tables shown below ; |
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| last modified : Thu 03 Sep, 2009 [10:23] |
