Japan's steel scrap export offer prices fas Kanto have taken a consecutive upbeat over the recent two months. The average bidding price tendered by Kanto Raw Materials Cooperative on March 12 rose 2,155 yen per ton in terms of H2 posting 34,040 yen per ton, or equating to about 35,000 yen if concerted into fob terms.
The steel scrap experts said that the steel scrap prices were elevated by the bullish trends of Turkish scrap export prices as well as thanks to the robust export market toward South East Asia including Vietnam. Besides amid the sharp rising in international scrap export prices including the US the Japanese scrap export prices are expected to boost to a large extent ahead, while predicting their export prices toward Korea to soar about 2,000~3,000 yen per ton further.
It is expected that Tokyo Steel will follow to raise its buying price due to the upward trends of scrap export bidding prices surrounded by Kanto Area. The average prices tendered on March 13 registered 31,885 yen per ton in terms of H2, fas, 3,080 yen higher from the prior month. The bidding quantity was 5,000 tons. The fob terms are equivalent to about 32,800 yen per ton.
Source: Steel&Metal News |