JAPAN STEEL SCRAP: Jump in auction price drags up export offers

A sharp rise in the Kanto auction price and improved demand from South Korea helped Japanese export steel scrap prices rise over the last week, market sources told Fastmarkets on Wednesday August 19.

Japan's monthly Kanto Tetsugen, which is an auction between a cooperative of scrap dealers in the Tokyo region, was moved back one week from its usual slot in the second Wednesday of the month due to last week's Obon Week break, during which most Japanese suppliers were on holiday.
The majority of market participants had expected a rise in tender prices for August amid strong a global scrap market environment in recent weeks, and their predictions were realized with the average auction price settling at ?27,216 ($258) per tonne fas, up by a whopping ?3,642 per tonne month on month.

The highest bid was for 15,000 tonnes of H2 at ?27,285 per tonne, which sources said would be sold to Bangladesh. The second highest bid was 5,000 tonnes at ?27,070 per tonne, which will go to Vietnam. The third bid was 2,000 tonnes at ?27,060...

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