Posted on 11 Apr 2024
The Kanto Tetsugen monthly scrap export tender settled higher on Wednesday, Kallanish notes.
In the latest tender, which opened on 10 April, Toyota Tsusho Material was awarded 15,000 tonnes of Japanese H2 grade scrap at JPY 51,087 ($336/t) fas. This is JPY 987/t ($7) higher than last month’s tender price of JPY 50,100/t on 12 March. In US dollar terms, however, the latest award price is around $4/t lower than last month because of JPY depreciation.
The cargo, due for shipment by 31 May, is expected to be shipped to Bangladesh, trading sources say. The tender price is estimated at JPY 52,300 ($345/t) fob. This which would mean the equivalent of $390-395/t cfr Chittagong if destined for Bangladesh, a trader says. Wednesday’s tender attracted 17 bids for a total 97,100t.
In Japan’s domestic scrap market, leading electric arc furnace operator Tokyo Steel has maintained its purchase price for H2 scrap at its Utsunomiya steelworks at JPY 51,500/t since 13 March.
Source:Kallanish
