Japan’s Kanto scrap export tender was closed with another price decrease on June 11 on Japanese yen basis, though the dollar-based price moved up slightly. Market sources report that the cargo will be shipped to Bangladesh, with the total tonnage being 15,000 mt.
In the Kanto export tender, the highest bid was at JPY 42,267/mt FAS, JPY 122/mt lower than last month. The dollar-based price has increased from $291/mt to $294/mt FAS, taking into account the changes in the Japanese yen-US dollar exchange rate. The FAS price translates to JPY 43,267/mt FOB or $301/mt FOB, up $2/mt as compared to last month as the Japanese yen has appreciated against the US dollar.
Japan’s economy is experiencing a modest recovery despite facing US tariffs. “Tariffs have already been applied to automobiles, auto parts, steel, and aluminum - some have even doubled to 50 percent, along with a general 10 percent tariff. These measures are inflicting daily economic losses on Japan,” stated Ryosei Akazawa, the country’s chief tariff negotiator. Additionally, Japan is set to face a 24 percent tariff beginning in July unless an agreement is reached with Washington.
$1 = JPY 143.64
