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Japan Scrap Steel Prices Spike As China Prepares To Resume Imports - Nikkei Asia

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TOKYO -- Scrap steel exported from Japan is trading at a 13-month high on reduced supply and rebounding demand in Asia. Speculation that China may relax import restrictions and gobble up supply is also adding to the frenzy. South Korea-bound prices of H2 scrap steel, generated from building demolition work, stand at around 26,750 yen ($254) per ton, roughly the same as what electric furnace operators around Tokyo pay. These prices are up 19% and 24%, respectively, from lows in mid-July. Supply of H2 scrap metal is thin in Japan as the pandemic has slowed demolition work.