Japan Ferrous Scrap Export Price Drops by 6,350 yen/t

Japanese ferrous scrap export price decreased by 6,350 yen per tonne at monthly export tender held by Kanto Tetsugen on Wednesday when the successful bid was FAS 44,300 yen per tonne for H2 grade from Tokyo bay for October shipment. It decreased for 2 consecutive months.One exporter won the tender at 44,300 yen per tonne to ship 5,000 tonnes by October 31. Thirteen exporters of 16 eligible firms submitted 13 bids. Four exporters submitted at over 40,000 yen per tonne. 13 exporters increased the bids to 63,000 tonnes by 8,000 tonnes from the previous tender.The successful tender price is higher than the purchase price of local electric furnace makers by about 6,000 yen per tonne. The price is same as the successful tender price of export on last Thursday by ferrous scrap dealers association around Osaka.Kanto Tetsugen said It’s just as Kanto Tetsugen expected, ferrous scrap market price decreased rapidly in July around Tokyo when the supply and demand was loose due to slower export contract. Kanto Tetsugen said it’s not clear in near future, Kanto Tetsugen may submit bid within this month.