Japan Export Ferrous Scrap Price Increases

Japanese ferrous scrap export price slightly increased to FAS 35,450 yen per tonne by 220 yen for H2 grade at averaged bid in export tender held by Kanto Tetsugen on Thursday from previous tender. The price increased under surging offshore market and higher export price. The bidders ordered at 126,000 tonnes and got 1,000 tonnes order at the tender. A trader got the 5,000 tonnes order at 35,450 yen per tonne of bid while B trader got order at 35,450 yen for 5,000 tonnes. The total export order was 10,000 tonnes, which was shipped by September 15. Fourteen traders out of 15 eligible traders submitted 19 bids for the tender. The total bids increased by 20,000 tonnes to 126,000 tonnes at the tender from previous tender.The association said the successful bid was in line with the expectation and was same level compared with previous tender when decreased import price by Hyundai Steel in South Korea made influence.The association pointed out the market price is prospected to keep strong tone for the middle of August when electric furnace makers produce in a focused way, and to become weak tone but don’t decrease by a large degree.