Prices for ex-Japan scrap have once again increased during the Kanto Tetsugen export scrap tender held today, August 9. However, the price rise was so small that many market players have considered it as a sideways movement on Japanese yen basis. While the uncertainties surrounding the Vietnamese steel market continue, South Korean producers Hyundai Steel and POSCO announced maintenance works in September and are in no big rush to procure import scrap right now.
The Kanto tender average price has been at JPY 49,799/mt ($347/mt) FAS, indicating a rise by JPY 59/mt, but in dollars the decrease was $3/mt due to the depreciation of the Japanese yen.
This month, approximately 15,000 mt of scrap has been traded to Bangladesh, while last month the volume was only 5,500 mt and 15,000 mt was exported the month before. The Kanto tender FAS price translates to JPY 50,799/mt ($354/mt) FOB. This level is higher than Hyundai Steel’s bids shared last week at JPY 48,800/mt ($342/mt - with the exchange rate being at JPY 142.66 to the dollar) FOB.
Meanwhile, market prices in the Kanto region are currently at JPY 49,000/mt FAS on average.
$1 = JPY 143.44