Ferrous Scrap Export Tender Price Slightly Lowers, Osaka

Average successful bid decreased by 5,430 yen to FAS 26,094 yen per tonne for H2 at the latest ferrous scrap export tender for November shipment held by Kansai Tetsugen, a regional scrap dealers’ association around Osaka, on Wednesday.

Metal One, Japanese major dealer, won the tender at 27,730 yen per tonne with 5,000 tonnes shipment during November 15-December 16. Eleven exporters out of 11 eligible exporters submitted for the tender while 3 exporters rejected bidding.

Local electric furnace steel makers purchase H2 at 26,500-27,500 yen per tonne around Osaka and some pay as high as around 28,000 yen. One scrap dealer said the export price is almost the same level as domestic and local market price or slightly increased. Thus domestic market price may hit bottom despite of weak overseas market price.