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Steel & Metal
- Japan -

Japanese Scrap Export Tender Rebounds in April

According to Argus, the monthly export tender of Japanese scrap dealer co-operative Kanto Tetsugen concluded today at a higher price compared with March, exceeding ¥50,000/t for the eighth consecutive month.

The April tender was concluded at ¥51,087/t fas for 15,000t of H2 scrap, an increase of ¥987/t from March. This brought the fob price to an equivalent of ¥52,087/t or $343.06/t. The cargo is expected to be shipped to Bangladesh, with an estimated cfr price around $395-400/t.

The rise in the tender result was primarily influenced by the weakening yen rather than robust overseas demand, trade participants indicated. The exchange rate against the US dollar dropped to ¥151.83 on April 10 from ¥147.64 on the day of the March tender. The dollar equivalent price of the April tender was $5/t lower than last month despite the ¥987/t gain.

The tender result slightly surpassed the tradeable level in the seaborne market, potentially leading to higher export offers in the coming days. The Argus H2 fob Japan assessment was ¥50,400/t on April 9, while the March monthly average was ¥50,165/t fob Japan.

Overseas buyers faced challenges in keeping up with higher scrap prices, particularly as most mills in Vietnam and South Korea grappled with squeezed profit margins with sluggish steel sales prices. "But I think mills have to follow if they need to secure some tonnages from the seaborne market," a Japanese trader said.

Taiwanese buyers may be able to match the latest export level on sustained demand. Their buying price of containerised HMS 1/2 80:20 rose to $360/t cfr on April 9, suggesting they might consider purchasing Japanese H1/H2 50:50 at $370-375/t cfr.

The rebound in the Japanese scrap export tender reflects the impact of the weakening yen, which has made Japanese scrap more attractive to overseas buyers. However, the global steel industry is facing challenging market conditions, with mills in some regions struggling with profit margins. The ability of overseas buyers to match the higher Japanese scrap prices will be a key factor in determining the sustainability of this upward trend.

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