Special Metal Scrap Prices Increase in Japan

Special metal scrap prices increased for most items in Japan this week. Market price of high-grade nickel scrap surged up by 13% or 480 yen per kilogram from last week due to strong nickel market at overseas. Market prices for molybdenum scrap and cobalt scrap also jumped up. Titanium scrap price was brisk while tungsten scrap price kept flat.Market price sharply rose by 480 yen to 4,150 yen per kg for new cutting nickel scrap this week compared with last week, which was 2,530 yen per kg in first week of January and soared up by 64% in 3 months. Market price jumped up by 230 yen to 1,700 yen per kg for 42 alloy, which contains nickel at 42%.Monthly average of nickel settlement price at London Metal Exchange increased by 12.5% to US$ 46,324.77 per tonne in March from US$ 41,184.25 in February. The settlement price exceeded US$ 50,000 for the first time on March 29. LME nickel price keeps extremely high thanks to strong purchasing by stainless steel industries, though the settlement was temporarily adjusted to US$ 45,500 in late March.Molybdenum scrap market price is also high in Japan, which surged by 700 yen to 4,120 yen per kg for new cutting scrap this week from last week. International ferromolybdenum price is recently increasing due to export regulation by China, the world largest producer of ferromolybdenum. Cobalt scrap price surged up as well.Titanium scrap market price increased by 20 yen to 370 yen per kg for new cutting scrap and by 20 yen to 270 yen per kg for titanium alloy scrap. Scrap dealer source said titanium scrap price maintains brisk despite of slower demand for ferrotitanium.