SUS 304 Scrap Declines by 10,000-15,000 yen/t in Osaka

SUS 304 series stainless steel scrap market price decreased by 10,000-15,000 yen per tonne around Osaka after Japanese long holidays in early May. Local scrap exporters reduced the purchase price by total 15,000 yen through this week from May 9 due to slow export transaction for South Korea. Local dealers also reduced the price by 10,000-15,000 yen when stainless steel makers reduced the scrap purchase price.

The exporters reduced the purchase price of SUS 304 series scrap by 15,000 yen per tonne since the beginning of May to match purchase price by domestic stainless makers while the makers reduced the purchase price only by 10,000 yen.

A dealer source sees SUS 304 series scrap price would decrease more in June if the scrap demand decreases for special steel makers when Nippon Steel & Sumikin Stainless Steel conducts maintenance.

Nickel settlement at London Metal Exchange was US$ 24,475 per tonne on Wednesday. The price had been US$ 26,000-27,000 after the price marked US$ 27,130 on April 7. However, the price temporarily plunged to less than US$ 24,000 in May.