Japan: Bids in Kansai Tender Drop by USD 9

Japan's Kansai Iron and Steel Federation, an association of scrap dealers around the Osaka region, has concluded its tender of scrap purchase for Mar'20 today (16th Mar'20).

This month's winning bid by "JFE Shoji Trade" was awarded a total of 5,200 MT of Japanese H2 at an average price of JPY 21,825/MT (USD 205), FAS. The current bid is JPY 925/MT (USD 9) lower than the previous month's tender result on 12th Feb'20.

Notably, the bid price is significantly lower than last week's Kanto Tetsugen tender's result, by JPY 830/MT (USD 8).

It is to be noted that JPY had appreciated to 105 against USD towards the end of last week versus 108 beginning of the month. So it's expected that Japanese scrap export prices may observe increase.

`Inputs from Steeldaily