Japanese prices approaching record lows

摘要

As MBR mentioned in the last issue of 'Steelmaking Raw Materials Monthly', the unprecedented lack of buying activity ahead of the 'Golden Week' holidays last month resulted in a steady weakening in scrap prices. Following on from the national holidays at the beginning of May, the Japanese ferrous scrap market has proceeded to deteriorate further. Demand remains severely affected by production cutbacks as the country's mini-mills seek to lift finished steel product prices and coupled with massive over supply, Japanese scrap prices could soon hit an all time post-war low by dipping below the ￥6,500/tonne (