Japan’s Kanto scrap export tender closes sideways

Friday, 09 February 2024 16:03:06 (GMT+3)   |   Istanbul
       

Although Japan’s Kanto scrap export tender has resulted in a very slight price increase as compared to the levels recorded in January, the depreciation of the Japanese yen has prevented dollar-based prices move up. As a result of the fluctuating Japanese yen-US dollar exchange rate, the tender’s dollar-based prices indicated a $7/mt fall month on month. With the holiday starting in Asia, most players are out of the market.

In the Kanto tender, the highest bid was at JPY 53,087/mt FAS, indicating an increase of JPY 6/mt as compared to the levels recorded early January. The dollar-based prices have decreased from $362/mt to $355/mt over the past month.

SteelOrbis has learned that 15,000 mt of scrap has changed hands in the tender, while the buyer was Bangladeshi one again. The FAS price is equal to JPY 54,087/mt FOB or $362/mt FOB, $7/mt lower than last month. Meanwhile, market prices in the Kanto region are still at JPY 51,000/mt FAS on average.

As of today, February 9, Tokyo Bay FAS-based prices for H2 grade scrap are still at JPY 51,000/mt ($341/mt), down $4/mt as compared to February 2. Tokyo Bay FAS prices for HS grade scrap have also moved sideways over the past week, at JPY 55,000/mt ($368/mt), while prices for shindachi scrap have been at JPY 53,500/mt ($358/mt) FAS. HS and shindachi scrap prices have also declined by $4/mt. The decrease recorded in dollar-based prices is the result of the depreciating Japanese yen.

SteelOrbis’ reference price for ex-Japan H2 scrap has increased slightly on the upper end by JPY 600/mt to 52,000-54,100/mt ($348-362/mt). Dollar-based prices have declined by $3/mt on the lower end and have remained stable on the upper end. The lower end is represented by Tokyo Bay scrap export prices, while the upper end is represented by the Kanto tender price.

$1 = JPY 149.39


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