TOKYO: The highest bid in a monthly auction Friday for Japanese H2 grade ferrous scrap for export from Tokyo Bay by November 15 was Yen 20,060/mt ($197/mt) free alongside ship, up Yen 10/mt from last month’s highest bid and Yen 297/mt higher than the average of the winning bids last month, the organizer said. The auction held by the Kanto Tetsugen group of ferrous scrap dealers around Tokyo received 14 bids for a total of 140,000 mt of scrap, with the average being Yen 19,385/mt FAS.
Sangyo Shinko, part of Nippon Steel & Sumitomo Metal group, placed the highest winning bid for 10,000 mt and will aim to export the cargo to South Korea, Vietnam or Taiwan, the organizer said. The second highest bid, at Yen 20,030/mt FAS, for 15,000 mt, was from Itochu Metals, which plans to export the cargo to Vietnam. Officials from both companies were unavailable for comment, but a Tokyo-based scrap trader said the winning bid was equivalent to Yen 20,860/mt FOB, slightly higher than the latest export deal at Yen 20,500/mt FOB.
