As anticipated by market sources, Japan's Kanto scrap export tender resulted in a drop of $11/mt on August 7. The tonnage of the cargo sold is 20,000 mt, with the destination reported to be Bangladesh. This is the lowest price level recorded in the Kanto tender since February this year, sources noted. The appreciation of the Japanese yen contributed to the lower price, while the lack of proper support from the export markets was another factor in the decline.
In the Kanto export tender, the highest bid was at JPY 49,086/mt ($312/mt) FAS, only JPY 3,422/mt lower than last month. The dollar-based price moved down by $11/mt from last month's $323/mt FAS, taking into account the changes in the exchange rate. The FAS prices translate to JPY 50,086/mt FOB or $319/mt FOB, $10/mt lower as compared to last month.
$1 = JPY 157.14
