Sources inform SteelOrbis that following in the footsteps of the June Kanto Tetsugen auction, the recent Kansai scrap export auction in Japan has resulted in sideways pricing for H2 scrap.
During the April auction, H2 scrap monthly average bid prices declined from approximately JPY 36,000/mt ($340/mt) FAS in March to JPY 33,000/mt ($308/mt) FAS Japan, down $32/mt.
In May, auction results averaged JPY 33,500/mt ($306/mt) FAS. Sources report that the recent June auction bid average was sideways compared to May also at JPY 33,500/mt ($303/mt). Due to currency fluctuations, the average bid price declined $3/mt between the May and June export auctions.
The scrap export tender traditionally trades around 5,000 mt in scrap, but sources inform SteelOrbis that the quantity in June doubled to approximately 10,000 mt.
USD = JPY 105.97 (Mar 5)
USD = JPY 107.26 (Apr 16)
USD = JPY 109.53 (May 14)
USD = JPY 110.44 (Jun 18)