Japan cuts stainless scrap purchase prices for November shipment

It is reported that Japanese major stainless steel mills cut the purchase prices of nickel based stainless scrap by JPY 5,000 per tonne to JPY 135,000 per tonne for November 2011, reaching the lowest level since February 2010.

Meanwhile, Japan's monthly output of stainless steel has declined to 250,000 to 260,000 tonnes.

Besides, Japanese mills have been receiving less and less profits in exports due to strong Japanese Yen.

In fact, Japanese mills' purchase prices of stainless scrap had ever reached JPY 220,000 per tonne in February 2011; however, the prices have currently dipped by 40% to JPY 130,000 per tonne.

(Sourced from www.yieh.com)