On June 19, SteelOrbis reported a sideways trend in the June Kansai auction compared to May.
Sources inform SteelOrbis that the July export tender Kansai auction price trended up compared to June with “an average volume purchase level unlike June when the volume purchased was almost double the average volume level.” Successful June bid prices were reportedly at JPY 33,500/mt ($303/mt) FAS. Sources inform SteelOrbis that prices are now at JPY 34,300/mt ($304/mt) FAS. Due to currency devaluation, prices only increased $1/mt yet increased JPY 800/mt, which would have translated to $7/mt at a stable currency level.
USD = JPY 110.44 (Jun 18)
USD = JPY 112.84 (Jul 17)