Japan scrap steel plunges 33%
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Japan's scrap iron and steel prices slumped to the lowest in more than two years as the global credit crunch prompted some mills in South Korea and China to schedule output cuts, reducing demand for the raw material. The average so-called H2-grade ferrous scrap price sank 33 per cent to 26,020 yen ($256) a tonne in the week ending Oct. 17 from last week, the Japan Ferrous Raw Materials Association said on its Web site. The price was the lowest since September 2006.
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Source : Business Line |
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