They said that although prices continued to fall over the week, they were of the opinion that the market had bottomed out, at least for the short term.
“Prices are stable and the market will not weaken anymore. Supplier offers are very limited because the flow of scrap is not good,” a Japanese trader said.
Several suppliers are also said to be unwilling to lower their prices further while they focus on fulfilling existing orders.
“It is difficult to reduce the price because there are still cargoes that were booked during the higher-priced market a short time ago,” a second Japanese trader said.
Fastmarkets’ price assessment for steel scrap H2, export, fob main port Japan was ¥27,000-28,000 ($256-265) per tonne on Wednesday September 30, widening downward by ¥500...