Japan’s Kanto scrap export tender was closed with another price decrease on July 9 on Japanese yen basis, though the dollar-based price moved down sharply. The drop, the fourth successive decline, was not a surprise as market sources were already mentioning that there was downward pressure on Japanese scrap prices due to slower demand from both the local and export markets.
In the Kanto export tender, the highest bid was at JPY 41,716/mt FAS, JPY 551/mt lower than last month. The total tonnage of the cargo was 15,000 mt. The dollar-based price decreased from $294/mt to $284/mt FAS, affected by changes in Japanese yen-US dollar exchange rate. The FAS-based price translates to JPY 42,716/mt FOB or $291/mt FOB, down $10/mt as compared to last month as the Japanese yen depreciated against the US dollar.
This price is not far from the Tokyo Bay FAS-based price for H2 grade scrap reported by SteelOrbis on Friday, July 4, at JPY 42,000/mt ($291/mt, with the Japanese yen-US dollar exchange rate at 144.36) FOB.
$1 = JPY 146.71
