December Kanto Tetsugen auction not awarded amid low bids, higher domestic prices

Sentiment was weak in Asian steel scrap markets, with buyers in Taiwan and Bangladesh abstaining from bidding amid poor downstream steel sales and a bearish outlook on spot prices, sources told Fastmarkets.

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.

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Paul Lim

Tianran Zhao

December 09, 2021

11:11 GMT

Shanghai, Singapore