JAPAN February 06 2014 1:21 PM

TOKYO (Scrap Register): Japanese ferrous scrap demand is holding steady as its economy recovers, with market prices seen resuming an upward trend after February, according to a quarterly report released by Bureau of International Recycling (BIR).

Japan’s current export price for H2 grade scrap (a mix of No. 1 and No. 2 heavy melt) is about 35,300 yen ($348) per tonne f.o.b., equivalent to about $380 per tonne c.f.r. South Korea for No. 1 HMS.

This means that scrap prices in Japan are still cheaper than those for European and U.S. scrap, Hisatoshi Kojo, executive director of Tokyo-based scrap trading company Metz Corp. and a board member of the BIR’s Ferrous Division.