The Kanto Tetsugen monthly Japanese scrap export tender closed lower on Wednesday.
In Wednesday’s tender, JFE Shoji clinched 15,000 tonnes of Japanese H2 grade scrap for shipment by 31 October at JPY 42,720/t ($302/t) fas, or about $308/t fob Japan. The award price is JPY 4,212/t lower than in last month’s tender, which took place on 9 August.
The latest Kanto award price in dollar terms is $24/t lower compared to last month's Kanto award price of $326/t fas or around $332/t fob. The Japanese scrap cargo for the 11 September tender is destined for Bangladesh, as was last month's tendered cargo.
Meanwhile, Tokyo Steel has most recently reduced its domestic procurement scrap prices by JPY 1,000-1,500/t across its mills and scrapyards. This included the lowering of its purchase price for H2 scrap trucked to its Utsunomiya steelworks by JPY 1,500/t to JPY 41,500/t, effective 12 September. The previous H2 purchase price of JPY 43,000/t lasted for only two days on 10-11 September.
