Japan Ferrous Scrap Export Price Hits FAS 14,163 yen/t

Ferrous scrap export price was averaged FAS 14,163 yen per tonne from Tokyo bay for H2 grade for December shipment at tender held by Kanto Tetsugen on Tuesday. The export tender resumed the activity when offshore makers increase the appetite while the tender was failure last month. With the result, which was around 4,000 yen higher than local market, some scrap dealers expect the local market would hit bottom.

An exporter won the 5,000 tonnes order at 15,000 yen per tonne to ship by January 15 while other 2 dealers won the tender at 14,650 yen for 5,000 tonnes and 13,500 yen for 10,000 tonnes respectively. The total volume of 20,000 tonnes was 15,000 tonnes more than tender result in September. Twelve tender of eligible 16 dealers submitted 14 bids with more than 10,000 yen. The submitted bids were total 75,000 tonnes, which was 12,000 tonnes more than September tender.

Kanto Tetsugen expects with the result, local market couldn’t decrease more in Tokyo. However, the association warns slower economy could extend the low priced market.