Following the weakened international price of nickel metal, the actual domestic price of nickel-based stainless steel scrap (new clippings) in Japan is falling. Both of stainless steel companies and special steel companies in Japan have decided to reduce their purchase prices of nickel-based stainless steel scrap by Yen 20,000 per ton, effective from the 9th of February. Accordingly, the actual prices of this scrap to be paid by these steel companies have fallen to a level of Yen 145,000 - 150,000 per metric ton delivered to mills.|
At the beginning of February, by taking into consideration of an intention from special steel mills in Kansai and Chubu areas, dealers had risen their prices for collection by Yen 20,000 per ton to a level of Yen 170,000 - 175,00 per ton ex. yard but these risen prices were unable to normalize in the market and the particular circumstances in Kansai and Chubu areas have caused to converge domestic prices to a certain level.
However, a reduction of Yen 20,000 per ton from the 9th of February is the tide prevailing in a whole of the country and, therefore, the price of nickel-based stainless steel scrap to be purchased by exporters is supposed to be reduced by Yen 10,000 - 15,000 per ton from this week.