FLASH: $15/t leap in Kanto Tetsugen scrap export price

Thursday morning's auction for Japanese H2 grade ferrous scrap for export through Tokyo Bay before end-November saw the winning bid jump by Yen 2,346/tonne ($15.4/t) from last month to Yen 44,316/t FAS, according to auction organizer the Kanto Tetsugen grouping of scrap dealers around Tokyo.

The increase, one of the largest on-month rises ever recorded in a Kanto Tetsugen tender, was attributed to the recent softening of the Japanese currency against the dollar, with the exchange rate briefly reaching Yen 153=$1 on October 8, the weakest the yen has been since mid-February. The winner was