Japanese scrap export Kanto tender was closed with another price decrease on May 9. Market sources report that the cargo will be shipped to Bangladesh and the total tonnage is 15,000 mt.
In the Kanto export tender, the highest bid was at JPY 42,389/mt FAS, JPY 899/mt lower than last month. The dollar-based prices have decreased from $298/mt to $291/mt FAS, including the changes in Japanese yen-US dollar exchange rate. The FAS price translates to JPY 43,389/mt FOB or $299/mt FOB, $7/mt down as compared to last month, including the volatility of Japanese yen-dollar exchange rate.
Meanwhile, the market prices in the Kanto area have decreased by another JPY 1,000/mt to JPY 40,000/mt ($275/mt) FAS, moving down by $8/mt. As a result, the difference between Kanto exports and domestic scrap prices increased to JPY 2,389/mt or $16/mt. In March, this gap between exports and domestic scrap quotations in Kanto was JPY 2,288/mt or $14/mt.
$1 = JPY 145.26
