Japan Ferrous Scrap Export Price Ups at Kansai Tetsugen’s Tender

Japanese ferrous scrap export price was FAS 26,730 yen per tonne for H2 grade at export tender held by Kansai Tetsugen, which is association of scrap dealers around Osaka, on Friday. The price rose by 1,130 yen from previous tender.The exporter, Sano Maruka, got the 5,000 tonnes of contract to ship from September 1 to September 30. Fourteen exporters submitted 14 bids for the tender while 6 eligible exporters rejected to submit. The averaged bid increased by 691 yen to FAS 25,403 yen per tonne for H2 from average at previous tender. Six of the 14 bids were more than 26,000 yen. Tokyo Steel Manufacturing already raised the purchase price of ferrous scrap in each iron works. Okayama iron works of the firm increased the price to 29,500 yen per tonne for H2. Offer price to Japan increased by 1,000 yen to FAS 26,000 yen from overseas steel makers. Hyundai Steel raised the import price by 400-800 yen per tonne, on Wednesday. Shipping for export would continue in addition to this export bid in Osaka. A scrap dealer prospects that the shipping may stop from dealers to electric furnace and the market price would shift to be strong tone.