Results of a monthly auction for Japanese H2 grade ferrous scrap for export through Tokyo Bay have reflected firming export prices, although traders in Japan said the results were not indicative of any clear trends because of falling domestic prices in the country.
The auction held by the Kanto Tetsugen group of ferrous scrap dealers around Tokyo received 22 bids for a total of 142,000 mt of scrap, with bid prices averaging at Yen 15,201/mt FAS.
The second highest-priced and third highest-priced bids were for 10,000 mt and 5,000 mt at Yen 16,130/mt FAS and Yen 16,100/mt FAS respectively. Sangyo Shinko, a trader affiliated with Nippon Steel & Sumitomo Metal Corp., placed these three bids, according to sources who attended the auction.
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