Japan's Kanto Tetsugen steel scrap auction closed at an increase of ?8,105 ($78) per tonne month on month on Thursday December 10, in a move that has shocked market participants.
The two highest bids in the auction - which is a cooperative of scrap dealers in the Tokyo region - came in at ?38,910 per tonne fas and ?38,510 per tonne fas respectively on Wednesday.That made an average price of ?38,710 per tonne fas, up sharply compared with ?30,605...