Ferrous Scrap Export Price Drops at Kanto Tetsugen’s Tender

Japanese export price dropped for the first time in 6 months at Kanto Tetsugen’s monthly tender for June shipment on Thursday. The averaged successful bid was 34,833 yen per tonne for H2, which was 1,427 yen lower than previous tender. A trader won the tender at 35,000 yen per tonne to ship 10,000 tonnes of scrap while another trader got 5,000 tonnes order at 34,500 yen. Twelve traders out of eligible 15 firms submitted 14 bids while 3 firms rejected to join the tender. They offered 70,000 tonnes of bids, which was 3,500 tonnes higher than previous tender. Japanese scrap export price from Tokyo bay decreases since mid-April. Tokyo Steel Manufacturing and Hyundai Steel of South Korea reduced the scrap purchase price in the week. The trend was reflected to the tender. Kanto Tetsugen said the averaged price is in line with the market though the price was lower than expected a month ago. Kanto Tetsugen expects the market around Tokyo could decrease but the price level wouldn’t drop widely when steel makers increase the output.