Japan: Kansai Scrap Export Tender for March Fetches Higher Bid

Kansai Tetsugen, an association of scrap dealers around Osaka region in Japan. They recently conducted scrap export tender on 05 Mar'18.

Generally through this tender around 5,000 -10,000 MT scrap is exported from Japan.

According to sources, JFE Shoji Company was awarded as the H1 bidder with the winning bid fetched for H2 grade scrap at Japanese Yen 36,550/MT (USD 344) on FAS basis.

The second winning bid (H2 bidder) fetched H2 scrap at JPY 35,800/MT while third winning bid was at JPY 35,710/MT on FAS basis. It is to be noted that FoB prices for the same are higher by around USD 9-10/MT than FAS (free alongside ship) prices.

Kansai tender fetched JPY 1,800 (USD 17) higher than previous months' Kanto Tetsugen tender. Japan's largest monthly scrap export tender concluded for February month, fetched average bid prices at JPY 34,750/MT (USD 327).

In the last tender concluded earlier to this on 23rd October 2017, total 5,200 MT of Japanese scrap was auctioned with the winning bid fetched at JPY 36,230/MT (USD 340).

"Japanese scrap prices are quite strong at the moment and Kansai tender concluded recently fetched around JPY 1,000 than current prevailing gulf export offers in Japan indicating upcoming Kanto Tetsugen tender also likely to fetch higher prices " - shared a source.

Market awaits for Japanese Kanto monthly scrap export Tender - Market participants are expecting Japanese scrap price trend is likely to get more clear in monthly export tender Kanto Tetsugen which is scheduled on 9th March this week.