Japanese steel scrap sellers have continued to pull back from export markets following the Obon holidays amid expectations of a price drop at this week's Kanto Tetsugen auction, sources told Fastmarkets on Wednesday August 18.
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Japan
Little trading activity from Japan took place on Wednesday. Market participants said they were adopting a cautious approach ahead of Thursday's Kanto Tetsugen - a cooperative scrap auction involving dealers in Tokyo and the surrounding region.
"The Japanese market is the same as before the Obon holidays [which took place] August 13 to 16, and collection prices have remained unchanged," a Japanese supplier source said. "We will see more transactions next week for September to October shipments."
A trading source predicted that the Kanto tender price would close...