World Metal Market Summary Aug 29

on August 29th, 2009 at 2:41 pm

Japanese H2 scrap average price continues upward trend

The average price of H2 scrap in Japan’s Kanto region, middle part and Kansai region has increased by ￥1,567/ton to ￥29,888/ton from last week. The H2 scrap average price has continuous raised for 11 weeks in a row.  The H2 scrap price in the Kanto region has increased by ￥834/ton to ￥30,917/ton from last week, the price in middle part has increased by ￥2,200/ton to ￥28,680/ton, as the price raised by ￥1,667/ton to ￥30,067/ton in the Kansai region.

Hyundai Steel to hike steel prices –  Korea’s Hyundai Steel announced its first price hike this year, constituting a rise of 6.9 percent. A combination of an improving situation of the steel industry and higher raw material costs is the main reason behind the price rise. The industry has benefited from the economic stimulus plans in many countries.  The company said in a statement that the scrap price had soared by US$60/ton in the last month.

Hyundai Steel’s rebar price will rise by 6.9 percent, to 771,000 won/ton, and that of hot rolled steel by 5.7 percent, to 740,000 won/ton.

Source www.yieh.com