According to the report, Japanese blast furnace plants used more steel scrap due to the increase in production and the high cost of iron ore.
Due to the COVID-19 epidemic impact in the first half of this year, the end consumption of the automobile industry and manufacturing industry was not good, which caused Japanese blast furnace mills to cut steel production significantly.
However, the Japanese domestic automobile industry recovered recently. The blast furnace plants have again increased their production. It was known that blast furnace plants intended to buy more low-cost steel scrap to balance its raw material cost due to the sharp increase in the current iron ore prices. It showed that Japanese domestic demand boosted more market interest in high-grade scrap.
Source: YIEH
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