Having following an upward trend since July 2025, Japan’s Kanto scrap export tender in May has closed with yet another price increase. The appreciation of the Japanese yen against the US dollar has provided support for the tender price. The Japanese yen, which was at JPY 159.18 against the dollar on April 12 is now at JPY 157.58. Japanese finance minister Satsuki Katayama has said that Japan and the US have agreed to strengthen coordination on currency market movements following Tokyo's intervention to curb the yen's weakening against the US dollar, according to Japanese media. Market sources believe that the stronger yen will help Japanese scrap suppliers in their negotiations with Asian buyers in the coming period. Japanese scrap suppliers had been silent up to now in terms of export offers and had been waiting to see the result of the Kanto tender, as SteelOrbis reported previously.
In the Kanto export tender, the highest bid was at JPY 54,602/mt ($348/mt) FAS, JPY 273/mt higher than last month. The total tonnage of the cargo is 20,000 mt, with the cargo due to be shipped to Vietnam. The dollar-based prices have moved up by $7/mt from last month’s $341/mt FAS, including the changes in Japanese yen-US dollar exchange rate. The FAS-based prices translate to JPY 55,602/mt FOB or $353/mt FOB, $6/mt higher as compared to last month. In May last year, the Kanto tender was closed at JPY 42,389/mt FAS.
$1 = JPY 157.58
