Japan Ferrous Scrap Export Price Ups by 550 yen/t

Japanese ferrous scrap export price increased by 550 yen to averaged FAS 25,725 yen per tonne for H2 grade scrap for May shipment at export tender held by Kanto Tetsugen on Wednesday compared with a month earlier. The successful bid increased by total 4,390 yen after the increase for 3 months in a row. The winners will ship 20,000 tonnes by June 15. The price increased when Asian steel makers are willing to buy Japanese scrap and Japanese largest electric furnace steel maker, Tokyo Steel Manufacturing increased the scrap purchase price. The successful bids were 25,950 yen per tonne, 25,550 yen and 25,450 yen by 3 bidders. Twelve bidders of eligible 15 trading firms submitted 16 bids for the tender while 3 firms declined the chance. The 10 bids were more than 25,000 yen. The total bids were 103,000 tonnes, which was 37,300 yen lower than that in the previous tender. Mr. Atsushi Watanabe, head of the scrap dealers association said the successful bid was high-level at near 26,000 yen per tonne. He said the scrap export cargos from Siberia and Ukraine, which were canceled due to cold weather, are apparently shipped in June-July under renewed contracts. He expects Japanese scrap price will keep the high-level until the week-long holiday in early May when Tokyo Steel increases the purchase price.