Japan Ferrous Scrap Export Price Hits Record

Scrap export successful bid hit record FAS 29,603 yen per tonne H2 for January shipment in average at export tender held by Kanto Tetsugen on Thursday. The price increased under higher purchase price by domestic electric furnace steel makers and higher export price to Hyundai Steel of South Korea. The averaged successful bid increased by 2,343 yen per tonne from previous month. The price was more than 1,500 yen higher than former record 27,720 yen in February 2004. The bidders were awarded for total 20,000 tonnes of export. A exporter submitted 29,670 yen per tonne for the tender. The bid was 29,620 yen for B exporter, 29,570 yen for C exporter and 29,550 yen for D exporter. Kanto Tetsugen doesn’t identify the exporters. The 4 exporters will ship 5,000 tonnes of scrap each by February 15. Twelve exporters out of 15 eligible firms submitted 19 bids for the tender while 2 exporters rejected to submit and an exporter showed no response. The 12 bids out of 19 bids were more than 29,000 yen per tonne. The total bids represented 96,000 tonnes, which decreased by 2,000 tonnes from previous month.