While the Japanese yen-based price has increased in Japan’s Kanto scrap export tender, the depreciation of the Japanese yen has caused the dollar-based price in the tender to decline, as compared to last month’s tender. The increase in the Japanese yen-based price was expected by market players and did not come as a surprise, but it was still not enough to avert a decline in the dollar price.
In the Kanto export tender, the highest bid was at JPY 52,168/mt FAS, JPY 804/mt higher than last month. The buyer was Vietnamese. Despite the increase in the local currency price, the dollar-based price decreased by $4/mt month on month from $327/mt to $323/mt, taking the exchange rate fluctuations into account. This time, the volume sold under the tender was approximately 14,000 mt, versus 25,000 mt sold in June. The FAS price translates to JPY 53,168/mt FOB or $329/mt FOB, $4/mt lower than last month.
Scrap market prices in the Kanto region are currently at JPY 52,000/mt ($322/mt) FAS on average, JPY 1,000/mt higher or $3/mt lower than the levels recorded at the same time last month.
$1 = JPY 161.517