Japan’s scrap prices hearten market

Aug 14, 2014 | 03:36 PM | Sean Davidson

Tags  scrap, ferrous, exports, Japan, Kanto Tetsugen, South Korea, Taiwan, China Vietnam

NEW YORK — A modest increase in the winning bid for a monthly tender of 20,000 tonnes of ferrous scrap out of Japan has triggered an air of optimism among suppliers in Asia.

The results of the monthly auction by Kanto Tetsugen, a collective of Tokyo-area dealers, heavily influence markets in China, South Korea, Taiwan and Vietnam.

The Kanto tender for No. 2 heavy melt scrap was awarded this week to Tokyo-based scrap company Sangyo Shinko Co. Ltd. at 33,625 yen ($328) per tonne f.a.s. Tokyo, up 640 yen from last month’s winning bid (amm.com, July 10) but only $2 higher on a U.S. dollar-denominated basis because of exchange rate changes over the past month.....

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