Japan Ferrous Scrap Price Up by 575 yen/t

Japanese ferrous scrap export price increased by 575 yen to FAS 26,300 yen per tonne for H2 grade for June shipment at export tender held by Kanto Tetsugen on Friday from previous tender. The price increased total 4,965 yen after the increases for 4 months in a row. The winner will ship 22,000 tonnes by July 15. Offshore buyers increase the inquiry for Japanese scrap when offshore electric furnace steel makers have short scrap stock. An exporter won the tender at 26,400 yen per tonne and second bidder won the tender at 26,200 yen shipping 11,000 tonnes each. Twelve trading firms of eligible 15 firms submitted 15 bids for the tender while 3 firms passed. Thirteen bids of the 15 bids exceeded 25,000 yen. The total volume of the 15 bids was 86,000 tonnes, which decreased by 17,000 tonnes from previous tender. Kanto Tetsugen said the price was fair despite of the increasing yen rate against US dollar. The scrap cooperative around Tokyo expects the export price may be peak though Taiwanese and South Korean steel makers seek more Japanese scrap. Kanto Tetsugen said the domestic scrap price could increase when it is still lower than offshore market citing the price will keep the level until mid-June.