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Japanese ferrous scrap price rises $11/mt in monthly auction

The highest bid in Thursday’s monthly auction for Japanese H2 grade ferrous scrap for export from Tokyo Bay by end December increased by Yen 1,290/mt ($11/mt) from last month’s highest bid, the auction organizer said.

The highest winning bid was Yen 32,000/mt ($281/mt) free alongside ship for 10,000 mt, while the second highest bid was Yen 31,800/mt FAS for 5,000 mt and the third highest Yen 31,760/mt FAS for 5,000 mt.

The auction attracted 17 bids for a total 125,000 mt of scrap. The average bid price was Yen 30,980/mt FAS.

A Tokyo-based scrap trader said the higher winning bids from the previous auction had been expected as domestic scrap prices have been increasing and latest scrap export prices have also been higher.

“The highest winning bid will be equivalent to Yen 32,800/mt FOB for export and this result shows that Japanese traders are expecting scrap prices to be increased further,” he said.

The latest scrap export contract was issued by South Korea’s Dongkuk Steel Mill on November 2 at Yen 34,500/mt CFR for H2 material, equivalent to Yen 31,000/mt FOB. It was Yen 500/mt higher than the previous booking made by Hyundai Steel, South Korea’s leading electric arc furnace mill, on October 27, as reported earlier.

Japanese traders were mainly paying around Yen 31,000/mt FAS Thursday to collect H2 material to be exported from eastern Japan, up Yen 1,000/mt from a week ago and up from Yen 30,500-31,000/mt Wednesday.

“Some traders have started paying Yen 31,500/mt FAS; domestic prices are expected to rise further,” another scrap trader in Tokyo said.

Late Thursday, Japan’s leading mini-mill, Tokyo Steel Manufacturing, lifted its scrap buying prices by Yen 500/mt at its Okayama and Kyushu works in western Japan and Takamatsu Steel Center on Shikoku Island.

The H2 buying price at Okayama and Kyushu works became Yen 32,500/mt and at Takamatsu Yen 32,000/mt, while the prices at its Utsunomiya works north of Tokyo and Tahara works in central Japan were kept unchanged at Yen 33,000/mt and Yen 34,000/mt respectively. The company has increased prices since October 27 by a total Yen 1,500-3,000/mt.

S&P Global Platts assessed Japanese H2 grade ferrous scrap export prices at Yen 31,000/mt ($272/mt) FOB Tokyo Bay Wednesday, up Yen 250/mt from the midpoint of last week’s assessment.

Source: Platts

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