- Stronger Yen supports firmer export offers
- Monthly increase limited to JPY 273/t
Japan’s May Kanto scrap tender inched higher for the tenth consecutive month, settling at JPY 54,602/t ($346/t) FAS for a 10,000 t H2 scrap cargo — up by JPY 273/t ($2/t) m-o-m.
The cargo is understood to have been awarded to a Japanese trading company, with market participants expecting Vietnam to be the likely destination. Interestingly, the April Kanto tender cargo was also reportedly shipped to Vietnam, indicating consistent Vietnamese demand for Japanese-origin scrap.
Meanwhile, the Japanese yen has appreciated slightly against the US dollar over the past month, strengthening from around JPY 159.3/$ on 12 April to nearly JPY 157.6/$ currently. The firmer yen may have also supported stronger export offer levels from Japanese suppliers.
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