Japan Ferrous Scrap Export Price Decreases

Japanese ferrous scrap export bit price decreased to average FAS 37,150 yen per tonne for H2 grade for November shipping at an export tender held by Kanto Tetsugen on Thursday, down by 778 yen from previous tender. The bid price decreased for the frist time in 5 months.A certain trader won 5,000-tonne order at 37,180 yen per tonne and another trader won 5,000-tonne order at 37,120 yen. 13 traders out of 15 eligible traders submitted 13 bids at the tender and 2 traders did not bid. This was the first nonparticipation of traders in 3 months.The total bids decreased by 5,000 tonnes to 59,000 tonnes at the tender on Thursday compared with previous tender, which decreased to less than 60,000 tonnes for the first time in 2.4 months.The export price of ferrous scrap keeps flat at the high level from Tokyo bay. Overseas steel makers continue active purchasing of Japanese ferrous scrap. However, overseas makers seem not to contract at the price higher than Japanese electric furnace steel makers’ purchasing price for H2 grade.