Posted on 12 Nov 2020
Kanto Tetsugen's latest monthly export tender for Japanese scrap from Tokyo Bay reflects an upturn in the market, Kallanish notes. Wednesday’s tender shows an average price increase of JPY 2,199/tonne ($21/t) from last month's tender to JPY 30,605/t.
The Kanto Tetsugen Cooperative Association auction awarded on 11 November a bid for 15,000 tonnes from Toyota Tsusho Material Incorporated at JPY 30,717/t fas ($291/t). It also awarded a 5,000t bid from Itochu Metals Corp at JPY 30,270/t.
The higher-priced cargo is expected to be shipped to either Bangladesh or to Vietnam and the lower-bid cargo to an induction furnace mill in Vietnam, some trading sources say. The association announced that 15 companies submitted bids for a total of 147,500t.
Bids have increased rapidly, a Vietnamese trader says, adding he has not heard of recent offers for Japanese H2 but estimates they would now be priced at a minimum of $330/t cfr Vietnam.
Source:Kallanish
