In the latest October Kanto Tetsugen auction, the average tender price decreased to JPY 22,293/mt ($208/mt) FAS. The price is down JPY 2,556/mt or $23/mt compared to the September tender. The total volume sold to five customers in the tender was 21,100 mt.
Most market participants believe that the decline in the auction will put pressure on the export market in general. The deal prices in the Kanto Tetsugen tender are equivalent to JPY 23,000-24,000/mt ($214-224/mt) FOB. However, the workable level is closer to the bottom of the range, while the previous contracts were signed at the upper end of the range in late September.
$1 = JPY 107.1