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WEEKLY: Japan’s steel scrap prices rise another $5/t

Japan’s ferrous scrap prices for both domestic sales and exports had been rising steadily for the fifth week over August 3-7, up another $5/t on week in the context of slower scrap generation domestically and mini-mills’ keenness to secure some volumes for their production during the holidays in mid-August, traders in Tokyo shared.
The extremely hot weather this summer is slowing down the demolishing works, while some mills have been aggressively procuring scrap to prepare for higher steel production during the ‘Obon’ holidays over August 13-15 when power charges are lower and scrap dealers are absent, according to a Tokyo trader. “Many of mini-mills have completed their summer maintenance

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