The Asian ferrous scrap market has been turning increasingly in sellers' favor and this has caused a price surge in Japan, market participants told Fastmarkets on Wednesday November 25.
Japanese scrapyards have sold cargoes of H2-grade scrap at ?32,500-33,000 ($311-316) per tonne fob in the past week, with offers heard at ?32,500-33,000 per tonne fob.Global ferrous scrap supply has become increasingly limited due to the reduction in material volumes from the United States, as well as the...