JAPAN February 26 2015 12:15 PM
TOKYO (Scrap Register): Japanese sources expect annual steel consumption in that country, in fiscal 2015, to be at a similar level to that recorded in the previous year.
Competition from overseas continues to pose problems but the depreciation of the yen against the US dollar is acting as a slight deterrent. Nevertheless, recent figures show that annual imports, in 2014, increased for the first time in three years.
Japanese origin scrap continued to be favoured by many due to its competitive price, aided by the depreciating yen, and its availability with a short delivery time.
With iron ore prices remaining low, many mills are being forced to either cut back production or attempt to close the gap between EAF and BOF raw material costs by submitting lower bids for scrap.