W. Coast scrap prices slide on Japanese cues
Jan 15, 2014 | 05:19 PM
| Sean Davidson
NEW YORK Sliding ferrous scrap prices in Japan have had a knock-on effect on West Coast containerized ferrous scrap export prices to Taiwan.
News that Tokyo Steel Manufacturing Co. Ltd., Japans largest electric-arc furnace operator, lowered its buying prices for the second time in four daysa total drop of $10 per tonnewas followed by the results of a benchmark monthly tender in Japan that shaved around $17 per tonne from December prices.
Far East and Southeast Asian markets use the rather transparent benchmark set by Japan to influence their own trading decisions. The double blow from Japan pushed U.S. containerized ferrous scrap export prices to Taiwan down between $5 and $10 per tonne Jan. 15, market participants said.....
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