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.
