In November at the Kanto Tetsugen monthly ferrous scrap export auction in Japan, the average price increased by JPY 2,014/mt ($18/mt) compared to the tender in October to JPY 24,307/mt ($222/mt) FAS. The total volume sold in three lots was 40,100 mt. The material will be traded to Vietnam, according to sources.
The higher price in the Kanto Tetsugen auction will bring some support for overall export scrap prices. The winning price in the tender corresponds to JPY 25,300/mt ($231.5/mt) FOB for Japanese H2 scrap. Although this price is not workable for South Korean customers, Japanese suppliers will focus on sales to other destinations like Vietnam.
Last week, a deal for Japanese H2 scrap was concluded at $265/mt CFR Vietnam, while this week offers to Vietnam have already reached $270/mt CFR, sources said.
$1 = JPY 109.26
