Kanto Tetsugen auction not awarded
Taiwanese buyers bid low
Bangladesh import demand weak amid low construction rates
China domestic supply tighter
December's Kanto Tetsugen auction was not awarded on Thursday December 9 because the scrap association rejected the low bids from traders, sources told Fastmarkets.
Market sources had been awaiting results from the auction for most of this week prior to offering scrap cargoes to buyers in the region; they hoped that it would provide a clearer price direction for the Asia-Pacific markets to follow.
"The exporters couldn't accept the highest bids because they are too low compared to the domestic markets," a Japanese trader source told Fastmarkets.