On April 16, SteelOrbis reported that the monthly Kanto Tetsugen scrap auction encountered an average for the top winning bids at JPY 32,300/mt ($291/mt) FAS for H2 grade scrap.
Sources inform SteelOrbis that the average tender price of the top bids in May decreased to JPY 30,597/mt ($278/mt) FAS for H2, down $13/mt. The downtrend is attributed to lower Turkish scrap import buying prices and “present market uncertainty given all the policy-driven changes in the market which make demand and supply considerations only part of the equation.”
In a year-on-year analysis, the Kanto Tetsugen H2 scrap average of the top bids in May 2019 is approximately lower by JPY 3,648/mt or $35/mt this month compared to the average of the top bids of JPY 34,245/mt ($313/mt) FAS in May 2018. SteelOrbis at the time reported the top 2 bids averaging at JPY 34,290/mt ($314/mt) FAS.
USD = JPY 109.34 (May 10, 2018)
USD = JPY 110.93 (April 10)
USD = JPY 109.95 (May 10)