Japan’s scrap prices hearten market
Aug 14, 2014 | 03:36 PM
| Sean Davidson
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 months 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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.