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| Kanto Tetsugen Sells No2 HMS For Export At Average Y18,198 FAS |
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Japan's Kanto Tetsugen cooperative association of ferrous scrap dealers has sold two trading companies a total of 20,000 tons of No2 HMS at an average Y18,198/ton FAS Tokyo Bay in the tender the association held Dec 10 to export locally available ferrous scrap from the Kanto area for January shipment next year. The average sales price indicates an advance of Y4,035 from the corresponding average in Kanto Tetsugen's previous tender that took place Nov 11. What Kanto Tetsugen has sold breaks out as 5,000 tons at Y18,450/ton FAS for Toyota Tsusho Corp; 5,000 tons at Y18,400/ton FAS for Toyota Tsusho Corp; 5,000 tons at Y18,200/ton FAS for Arae Shoukai Co Ltd; and 5,000 tons at Y17,740/ton FAS for Arae Shoukai Co Ltd. The tender this time brought a total of 18 bids from 12 trading companies. The lowest bid was Y14,000/ton FAS. Offered purchases totaled 95,000 tons, up 22,000 tons from a month ago. Kanto Tetsugen President Atsushi Watanabe made his comments Dec 10 to the following effect. <>It is uncertain so far whether the winning bids amount to good or bad prices. But they may prove favorable prices in a month or so, given a weak export market ahead. <>The Kanto market for local ferrous scrap is likely to continue weak because various electric steelmakers are forecast to enhance cutbacks in what they produce after the beginning of the new year. <>Price attractions may come to wane in ferrous scrap exports out of Japan even if new export deals shape up at regular intervals. Meanwhile, the winning bids this time are described by many market sources as higher than expected. Forecasts before the tender assumed successful bids at a level of Y17,000-17,500/ton FAS. |
| last modified : Tue 16 Dec, 2008 [10:46] |
