Overwhelmingly bearish sentiment pervaded the Asian scrap markets on Wednesday November 10, with buyers exiting the market amid continual price falls; the staple Kanto Tetsugen auction was not awarded due to low bids from traders.
November Kanto Tetsugen auction fails to find winnersSentiment in China bearish after a major steelmaker in the country lowers domestic scrap buy priceTaiwanese buyers wait and see, expecting more price falls
Japan Kanto tender
The November Kanto Tetsugen auction did not have any successful winners on Wednesday amid lower bids submitted by buyers, sources said.
The two highest bids for H2 steel in Wednesday's auction were at ?51,200 ($453.39) per tonne on a free alongside ship basis and ?51,096 per tonne fas.
The highest bid was down by ?2,091 per tonne from last month's highest.
"This has resulted in less firm offers for bulk Japanese H2 cargoes," a Vietnamese buyer told Fastmarkets.