Having followed an upward trend since July last year, Japan’s latest Kanto scrap export tender has closed with another price increase in April, reaching a 1.5-year high. The rise in the Kanto tender is in line with the uptrend observed in the Asian scrap market during the month of March, as well as the increases announced by Japanese steel producers. The US-Israeli war on Iran has encouraged buyers to accept higher levels due to its impact on scrap collection costs and oil prices. The total tonnage of the cargo in the tender was 20,000 mt, while the cargo will be shipped either to Vietnam or Bangladesh.
In the Kanto export tender, the highest bid was at JPY 54,239/mt ($341/mt) FAS, JPY 4,118/mt higher than last month. The dollar-based price has moved up by $25/mt from last month’s $316/mt FAS, taking into account the change in the Japanese yen-US dollar exchange rate. The FAS price translates to JPY 55,239/mt FOB or $347/mt FOB, $24/mt higher as compared to last month.
In the current week, the Tokyo Bay FAS-based prices for H2 grade scrap stand at JPY 50,500/mt ($317/mt). The FOB-based export price remains at JPY 51,500/mt ($324/mt) for the grade in question. These prices are JPY 2,000/mt or $13/mt higher than last week.
The Tokyo Bay HS grade scrap prices are at JPY 54,500/mt ($342/mt) FAS, while shindachi grade scrap quotations are at JPY 56,000/mt ($352/mt) FAS.
$1 = JPY 159.18
