Japan’s scrap tags stabilize as mills complete restocking
Nov 27, 2012 | 10:30 AM
TOKYO Japanese ferrous scrap prices appear to be taking a breather after their recent climb as mini-mills complete their restocking.
The national average price for H2 scrap (a mix of No. 1 and No. 2 heavy melt) stood at 23,926 yen ($291) per tonne at the end of last week, up 6 percent from the previous week.
"Scrap (purchase prices) have gone up by quite a lot in recent weeks. This was partly because scrap prices had been seen as having reached unsustainably low levels, but more recently due to heavy buying ahead of last weeks public holiday," one market participant told AMM sister publication Steel First. He added, however, that he expects prices to remain stable for a short....
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