TEX reported that the domestic price of nickel based stainless steel scrap (new clippings) to be purchased by stainless steel companies of Japan is being reduced continuously from last week and this trend to reduce the scrap price is supposed to be maintained even in this week. New price of nickel based stainless steel scrap to be paid by stainless steel mills as of the beginning of this week has fallen to a level of JPY 175,000 to JPY 185,000 per tonne delivered to mills. Domestic price of nickel based stainless steel scrap in Japan at the end of October was on the level of the first half of JPY 200,000 per tonne and this price level had been carried over to November but many of stainless steel mills in Japan have been reducing intermittently from last week their purchase price of nickel based stainless steel scrap by an extent of JPY 5,000 to JPY 10,000 per tonne. Consequently, new price of this scrap to be paid by stainless steel mills has fallen to a level of JPY 175,000 to JPY 185,000 per tonne delivered to mills. In the course of time, LME nickel price for cash fell to USD 23,260 per tonne at November 2nd 2010 and, after having rallied to USD 24,200 per tonne at the November 11th 2010, turned to fall again to USD 21,500 per tonne at November 18th 2010. Following this tide of price for nickel metal in the international market, the international price of nickel scrap, having once soared in October, has returned to rectify and domestic price of nickel based stainless steel scarp in Japan has been at once reduced from last week.

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