After faltering through May, Japanese scrap prices have continued to revive in more recent weeks, especially in Tokyo, where there was the equivalent of a $20/tonne rise month-on-month in June for the cut grade #2HMS. In fact, since finding a floor in the first couple of weeks of May, scrap prices have since revived some ￥3,500/t, which is more than $30/tonne. The inflationary trend within Japan has spilled into other Asian markets, most notably South Korea and we understand that cut grade suppliers in both Russia andthe USA are matchingtheJapanese exporters with offers upto $275/tonne and $28o/tonne, CFR, roughly $10-15/tonne higher month-on-month for A3 and #1HMS respectively.
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