On December 11, SteelOrbis reported that the latest Kanto Tetsugen scrap auction encountered an average high bid for H2 scrap at around JPY 29,200-29,500/mt ($258-260/mt) FAS. A narrower average high bid for H2 scrap for the December auction has more recently been provided to SteelOrbis at JPY 29,478/mt ($260/m) FAS.
Sources inform SteelOrbis that the January 2019 Kanto Tetsugen average high bid prices decreased JPY 703/mt to JPY 28,775/mt ($265/mt) FAS. Due to improvements of the JPY against the dollar over the past month, prices actually increased by $5/mt.
In a year-on-year analysis, the Kanto Tetsugen H2 scrap average of the top bids in January 2019 is lower by JPY 8,615/mt or $71/mt this month compared to the average of the top bids of JPY 37,389/mt ($336/mt) FAS in January 2018. The average of total bids in January 2018 was JPY 36,059/mt ($324/mt), $12 lower than the average of the top bids.
USD = JPY 111.22 (Jan 12, 2018)
USD = JPY 113.35 (Dec 11)
USD = JPY 108.54 (Jan 11)