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| Kanto Tetsugen Sells No2 HMS For Export At Average Y14,163 FAS |
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Japan's Kanto Tetsugen cooperative association of ferrous scrap dealers has sold two trading houses a total of 20,000 tons of No2 HMS at an average Y14,163/ton FAS Tokyo Bay in the tender the association held Nov 11 to export locally available ferrous scrap from the Kanto area for December shipment. The average price indicates a fall of Y30,137 from the winning bid in Kanto Tetsugen's sales tender that took place Sept 10. The average price represents a low level for the first time in nearly 51/2 years in the association's monthly export tender. For its part, the association canceled its tender held Oct 9 because all the trading houses with bidding rights opted out. What Kanto Tetsugen has sold breaks out as 5,000 tons at Y15,000/ton FAS for Kusano Co Ltd; 5,000 tons at Y14,650/ton FAS for Kusano Co Ltd; and 10,000 tons at Y13,500/ton FAS for Sumikin Bussan Corp. The tender this time brought a total of 14 bids from 12 trading companies, in which the lowest bid was Y10,000/ton FAS. Offered purchases totaled 73,000 tons. Kanto Tetsugen President Atsushi Watanabe made his comments Nov 11 to the following effect. <>The winning bids this time amount to a favorable price level, given the current export market for Japanese ferrous scrap. The association opted to sell a maximum 20,000 tons in hopes that its export tender next will bring better results. <>The ferrous scrap cargoes sold may be allocated to export shipments for China. <>A nonstop fall has ended in Japan's ferrous scrap export market. As a result, it is understood that the export market has hit bottom for the present. It is uncertain, though, whether a runaway export market will arise. |
| last modified : Mon 17 Nov, 2008 [10:23] |
