Japan’s monthly ferrous scrap export tender – Kanto Tetsugen has marked highest price hike since in Oct’14. In the tender concluded today (on 9 Aug) the winning bid price averaged at Japanese Yen 31,606 FAS (USD 288) for the H2 grade ferrous scrap.
The average bid is higher by Japanese Yen 3,571 (USD 33 /MT) M-o-M as the bids had concluded at Japanese Yen 28,035 in the last month tender of Jul’17.
At the winning bid of USD 287.3(Japanese Yen 31,610) 15,000 MT scrap was sold followed by 10,000 MT at USD 287.2 (Japanese Yen 31,600) FAS Japan.
It is to be noted that Aug’17 bid prices are highest since last 3 years. The last highest price before this was recorded in Sep’14 was at Japanese Yen 33,825.
It is to be noted that FoB prices for the same are higher by around USD 9-10 than FAS (free alongside ship) prices. And H2 is a ferrous scrap most preferred conventionally based on Japanese industrial standards.”500mm in width or less, 1,200mm in length or less, thickness 3mm – 6mm, weight 1,000 kg or less.
It was predominantly expected by most of the traders and sellers that the bid prices for Kanto will rise sharply.
What is the Kanto Tetsugen export tender?
Kanto Tetsugen Cooperative Association was established in Nov’01 to make the joint export of steel scraps to foreign countries. It consists of 80 companies of metal recycle business in Tokyo, Saitama, Kanagawa, Chiba, Gumma, Tochigi, Ibaraki, and Yamanashi. It also exports steel scraps to primly East Asian countries like South Korea, China, Taiwan, Vietnam, and Indonesia.
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