Japan Ferrous Scrap Export Price Jumps Up

Ferrous scrap export price hit record FAS 58,000 yen per tonne for H2 for May shipping from Tokyo bay at an export tender held by Tokyo based ferrous scrap dealers’ group, Kanto Tetsugen on Wednesday. The price increased by 5,750 yen from the previous tender in March.The first bid was FAS 58,000 yen per tonne for 5,000 tonnes export. The eligible 14 trading firms submitted 14 bids for the tender. The firms offered total 70,000 tonnes of export, which was 12,000 tonnes higher than the previous month.The export price increased when Japanese steel makers and overseas steel makes’ purchase price increased. Kanto Tetsugen said ferrous scrap seems be lacking due to increased crude steel in Japan and overseas steel makers, this tender price may drive up domestic market price.