ASIA STEEL SCRAP DIGEST: Japan auction results boost spot markets

The rise in October's Kanto Tetsugen auction boosted sentiment in the Japanese scrap market and supported export offers from Japan, sources told Fastmarkets on Wednesday October 13.

Japan local market pushes export offers higher Vietnam buyers increase bids Chinese buyers in wait-and-see mode due to losses in futures Japan
Offer prices for bulk cargoes of steel scrap from Japan rose again on Wednesday following the rise in October's Kanto Tetsugen auction, which closed on Tuesday.

Base-grade H2 was offered at ¥54,000-56,000 per tonne fob Japan on Wednesday, while Shindachi busheling in bulk was offered at ¥66,000-68,000 per tonne fob.

"Business is bad because although export prices are catching up, it is difficult to ship to the export market due to the high Japan local market," a Japanese trading source said. For example, deals for H2 in the local market are possible at above ¥54,000 per tonne delivered but no overseas buyers are able to accept this level yet, the source said.

Fastmarkets’ price assessment for steel scrap H2, export, fob main port Japan was ¥52,000-54,000 per...


Lee Allen

Paul Lim

Carrie Bone

Tianran Zhao

October 13, 2021

11:38 GMT

Shanghai, Singapore, London