Higher Ferrous Scrap Export Price from Osaka Bay

Ferrous scrap export price was set at FAS 22,275 yen per tonne for H2 grade from Osaka bay at export tender held by Osaka based ferrous scrap dealers’ group, Kansai Tetsugen on Tuesday. The price increased by 4,225 yen from previous tender on March 17. The price was 639 yen higher than the export price from Tokyo Bay concluded at export tender by Kanto Tetsugen on April 9.

Osaka based scrap dealer, Arae Shokai won the tender to ship 5,000 tonnes scrap at 22,400 yen per tonne from April 22 to June 10. Econecol won the tender to ship 5,000 tonnes scrap at 22,150 yen from April 22 to June 15.

The averaged bid was 21,313 yen per tonne, which was 4,314 yen higher than previous tender. Fifteen traders out of 2 eligible firms submitted 16 bids and 12 of the bids were higher than 21,000 yen of the purchase price by local electric furnace steel makers.

Local electric furnaces’ purchase price was 19,500-21,000 yen per tonne for H2 on April 21. The export price was higher by over 1,000 yen than the purchase price. A dealer source said rising ferrous scrap price becomes sluggish and ferrous scrap price becomes stable. Firm ferrous scrap export is likely to support domestic ferrous scrap market price.