The August 9 Kanto Tetsugen auction for Japanese H2 scrap garnered JPY 32,500/mt ($295/mt) FOB Tokyo Bay or approximately JPY 31,610/mt ($287/mt) FAS on the highest bid.
SteelOrbis has been informed the top bids during the September Tetsugen auction were at JPY 32,225/mt ($292/mt) FAS or approximately JPY 33,200/mt ($302/mt) FOB Tokyo Bay. The bids increased JPY 700/mt and $7/mt in dollar terms. The average for the auction bids for 130,000 mt was JPY 31,635/mt ($287/mt) FAS or about JPY 32,635/mt ($297/mt) FOB Tokyo Bay. The auction results are stable compared to purchases by South Korean mills at $297-303/mt FOB reported by SteelOrbis on September 8.
According to a source, the export bids are in line with recent trades to South Korean mills at JPY 32,000-32,500/mt FOB and Vietnamese mills at JPY 33,250/mt FOB which translate to an estimated $320-324/mt CFR South Korea and $338/mt CFR Vietnam.
$1=JPY 110.11, (Aug 9)
$1=JPY 110.05, (Sept 12)