The upward trend in iron scrap prices is becoming increasingly pronounced. On the 30th, Tokyo Steel raised its scrap purchase prices at all of its plants by approximately ¥2,000 per tonne. As a result, the benchmark H2 grade has broken through the ¥50,000 per tonne threshold. With this move, ¥55,000 per tonne is now coming into view as a realistic near-term target on the path toward the bullish scenario of ¥60,000 per tonne per tonne for H2 grade that this author had been projecting.
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