Spot prices of SUS316 stainless scrap prices in Japan have weakened tracking spot molybdenum prices, local market sources said Thursday.
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Two traders said their bids for several tons of SUS316 stainless scrap containing 16-18% chrome, 10-14% nickel and 2-3% moly were Yen 150/kg ($1.50/kg) ex-warehouse. Spot deals had closed in the first week of the month at Yen 180-200/kg ex-warehouse for 1-50 mt for delivery within the month, said trade and mill sources.
The traders said they planned to bid lower following the fall in spot moly oxide powder prices.
Platts spot moly oxide daily dealer price stood at $9.18-9.28/lb Wednesday, down 9% from $10.10-10.25/lb on July 1.
Nickel prices are also factored into the 316 stainless scrap prices. So far this month, the LME three-months nickel traded in the range of $13,000-14,000/mt.
Traders also said there was constant demand for the scrap material as production of moly-containing stainless steel was stable.
--Mayumi Watanabe, email@example.com
--Edited by Maurice Geller, firstname.lastname@example.org