|  | 14/07/2004 |
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Japan Ferrous Scrap Export Price Rises by 24%
Japanese ferrous scrap export price increased to FAS 22,477 yen per tonne for H2 at export tender for August shipment held by Kanto Tetsugen for 15,000 tonnes of scrap on Tuesday. The price increased by 4,390 yen or around 24% compared with June shipment after the tender didn't succeed for July shipment due to lower bids than Kanto Tetsugen's expectation. Export price increased by 7,000 yen in a month reaching the highest since April. The higher export price is likely to increase local scrap market price.
A bidder got 10,000 tonnes of export order at 22,490 yen per tonne and another bidder got 5,000 tonnes at 22,450 yen at recent tender. Seven firms submitted 9 bids with total 64,000 tonnes of scrap, which increased by 32,500 tonnes from previous tender, for the tender. Averaged bid increased by 4,284 yen to 21,691 yen from June shipment. Four of 9 bids exceeded FAS 22,000 yen while the lowest bid was 18,500 yen.
Kanto Tetsugen said it was difficult to find appropriate price under volatile market though the price is not bad. Export tenders didn't succeed both in Tokyo and Osaka for July shipment, which result that market found bottom price both at home and abroad. The scrap dealers' body in Tokyo expects scrap price will increase not so rapid as the tender depending on moves by offshore buyers and Tokyo Steel Manufacturing. The body expects moderate increase toward later the year.
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 | Japan Ferrous Scrap Export Price Rises by 24%
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