Japanese scrap price rises to 2001 high

摘要

The shackles restraining the Japanese ferrous scrap price in the last few months were released this month as levels soared in response to tightening availability. Successive price increases by local steelmakers eager to secure sufficient scrap feed had seen little in the way of a rise in the benchmark price, which rolled over for a second consecutive month in October. However, local prices in November finally succumbed to the pressure borne by the heavy outflow of material into export markets as levels increased to the highest level this year. With scrap traders expected to exit the market during the three-day holidays at the end of the month, MBR believes prices could rise further, if only temporarily, before November's end.