Japan Ferrous Scrap Export Price Hits Record

Japanese ferrous scrap export price hit record FAS 64,850 yen per tonne from Tokyo bay for H2 grade at monthly tender for June shipment held by Kanto Tetsugen on Tuesday, which increased by 6,850 yen from previous tender. An exporter got the order to ship 5,000 tonnes of scrap by June 30. Thirteen exporters out of 15 eligible firms submitted bids for the tender and 2 of them were more than 64,000 yen per tonne. The total bids were 80,000 tonnes, which was 10,000 tonnes higher than previous tender.Offshore buyers try to increase the purchase of Japanese scrap under worldwide higher raw steel output. With the higher demand for export, Japanese scrap supply gets tighter while local electric furnace steel makers increased the purchase price by around 7,000 yen to 60,000 yen per tonne in April. Kanto Tetsugen expects the offshore demand could keep high and the higher successful bid could lift the domestic market.