Stainless Scrap Price Rebounds after 6 Months around Osaka

Stainless steel scrap market price rebounded around Osaka for SUS 304 after 6 months when stainless steel scrap export to China re-started and the export price exceeded domestic market price. Additionally nickel price keeps over US$ 30,000 per tonne at London Metal Exchange since 19 September. Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) raised the purchasing price for stainless steel scrap by 30,000 yen per tonne in October. Nisshin Steel and Nippon Metal Industry also raised the purchasing price.Dealer source said market inventory of stainless steel scrap is tight against the demand with fewer scrap arrivals. On the other hand, domestic stainless steel makers are expected to decrease their scrap procurement since they continue output reduction in October.Stainless steel scrap market price for SUS 304 hit the record high from mid March to April of this year and dropped down by 260,000 yen toward mid July from the peak to follow the decline of LME nickel price.