Japanese scrap demand in domestic and major export markets to remain slow: BIR

In its latest quarterly update, BIR has noted that due to sharp drop in steel demand, Japanese steelmills are still operating at reduced production, and CY ’20 production may fall below 80 mn t. In May-June, due to slump in scrap generation, prices had temporarily surged sharply, however, domestic scrap-demand still remains low. In export market, demand from South Korea has taken a hit, but smaller markets like Bangladesh and Malaysia have shown more interest.