Japanese ferrous scrap is expected to be more competitive against materials from the United States' west coast after the Kanto Tetsugen tender price plunged on Wednesday April 10, market sources told Fastmarkets MB.
The cooperative of scrap dealers in Japan's most-industrialized region concluded its April export tender of H2-grade scrap at ?23,300 ($209) per tonne fas Tokyo Bay, down ?1,710 per tonne compared with the March price.The latest price is equivalent to about $218 per tonne fob Tokyo Bay after factoring in loading and administrative fees amounting to another ?1,000 per tonne.The cooperative sold two 5,100-tonne cargoes."Other areas in Japan have ample supply of domestic scrap and traders have diverted more volumes to the Kanto area," a Japanese scrap trader said. The Kanto region includes the Greater Tokyo metropolitan area and is a key producer and exporter of ferrous scrap.But US-origin materials remain a...