The anticipated Kanto export tender has been closed successfully this time, while the price increased on dollar basis as expected by SteelOrbis amid better demand and sentiments. The last Kanto tender held in November had failed to attract interest from sellers. In November, bids were rumoured to be at around $315/mt FAS, but Japanese sellers did not accept such prices amid the stronger domestic market.
Today, December 9, the Kanto Tetsugen monthly export tender was closed at the average price of JPY 47,568/mt ($346/mt) FAS. As compared to the previous successful October tender, the average price in the Kanto Tetsugen monthly export tender has declined from the JPY 49,865/mt FAS level, but the appreciation of the Japanese yen has caused dollar-based quotations to move up by $6/mt since October. Considering the bids shared in November, buyers’ price ideas have changed significantly.
The highest bid today was JPY 47,710/mt ($347/mt) FAS, while SteelOrbis has learned that 3,000 mt of scrap was bought by a South Korean mill at this level. The winning price is higher than today’s Tokyo Bay FAS prices at JPY 44,000-44,500/mt ($320-324/mt).
A total of 10,000 mt has been bought by Vietnamese players, with 5,000 mt of scrap closed at JPY 47,610/mt ($346.39/mt) FAS, and another 5,000 mt at JPPY 47,442/mt ($345/mt) FAS.
The Kanto tender FAS prices translate to JPY 48,442-48,710/mt or $357-360/mt FOB.