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| Kanto Tetsugen Sells No2 HMS For Export At Average Y26,753 FAS |
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Japan's Kanto Tetsugen cooperative association of ferrous scrap dealers has sold two trading companies a total of 15,000 tons of No2 HMS at an average Y26,753/ton FAS Tokyo Bay in the tender the association held July 9 to export locally available ferrous scrap from the Kanto area for July contracts (with an August 31 deadline for shiploading). The average sales price indicates a new high in Kanto Tetsugen's monthly tender since the beginning of this year. It is higher by Y2,940 than the corresponding average in the association's previous tender. The total sales volume breaks out as 5,000 tons at Y26,960/ton FAS for Mitsui Bussan Metals Co Ltd and 10,000 tons at Y26,650/ton FAS for Arae Shoukai Co Ltd. The tender this time brought a total of 18 bids from 15 trading companies. Five of the bids stood at a high level of Y26,000/ton FAS or beyond. Another five bids stood at a low level of Y25,000/ton FAS or below. Offered purchases totaled 91,000 tons, down 22,500 tons from a month ago. Kanto Tetsugen President Atsushi Watanabe made his comments July 9 to the following effect. <>The winning bids in the tender amount to a surprising price level, given the current exchange rates. They are beyond the association's expectations. In this connection, it is understood that some overseas buyers, presumably those in Taiwan, are eager to take ferrous scrap from Japan <>The outcome of the tender is bound to influence the Kanto market for locally available ferrous scrap. As a result, the Kanto market is likely to hold strong in August. <>Kanto Tetsugen has limited the total sales volume to 15,000 tons this time, given the existing backlog of export sales under contract. |
| last modified : Wed 15 Jul, 2009 [10:45] |
