Asia steel scrap prices set for further rise after Kanto auction concludes

Asian steel scrap prices are set for a further increase after stronger demand from Vietnam led to the successful conclusion of this month's Kanto Tetsugen auction in Japan, sources told Fastmarkets on Wednesday January 12.

  • Kanto Tetsugen concludes for first time since October
  • Japan export scrap prices tipped for further rise amid demand from Korea, Vietnam
  • Taiwan buyers expected to pay more soon
Japan Kanto auction
The January Kanto Tetsugen auction was awarded on Wednesday for a total of 10,100 tonnes of H2 scrap.
The first lot was 5,000 tonnes was sold at ¥51,010 ($442) per tonne free alongside ship (fas), while the second lot of 5,100 tonnes was sold at ¥50,957 per tonne fas, which is equivalent to $451 per tonne fob Japan. Both cargoes are heading toward Vietnam, sources said.
This is an average of ¥50,983 per tonne fas, a drop of ¥2,230 per tonne from the last auction in October 2021. The auction was not concluded in November or December due to differing valuations between buyers and sellers.

Published

Lee Allen

Paul Lim

January 12, 2022

13:10 GMT

London, Singapore