TOKYO -- Ferrous scrap used as a raw material for steel has jumped in price to a roughly two-year high on strong overseas demand driven by a weak yen and a rebound in steel prices in China, putting Japan's electric-furnace steelmakers in a tight spot.
Domestic demand for scrap is weak, but that has not stopped prices from surging 80% over the past year in Japan to reach a per-ton price of 27,500 yen ($241) charged to electric-furnace steelmakers in the Kanto area surrounding Tokyo.
