The Kanto scrap export in Japan has been closed with a very small price increase on Japanese yen basis on September 10, resulting in a mere $1/mt increase in the dollar-based price. The price is considered by many market players to have more or less moved sideways. For now, no response to the new export price has been seen from Tokyo Steel. Market sources report that there is still pressure on Japanese scrap export prices as bids received from buyers remain lower than sellers’ targets.
In the Kanto export tender, the highest bid was at JPY 41,970/mt FAS, JPY 82/mt higher than last month. The total tonnage of the cargo was 15,000 mt and it is believed to have been bought by a Bangladeshi mill. The dollar-based price has moved up by $1/mt to $285/mt FAS, taking the exchange rate into account. The FAS prices translate to JPY 42,970/mt FOB or $291/mt FOB, up $1/mt as compared to last month.
Meanwhile, the market prices in the Kanto area are still at JPY 40,000/mt ($271/mt) FAS. As a result, the difference between the Kanto export price and local scrap prices has increased to JPY 1,970/mt or $14/mt.
$1 = JPY 147.45
