FLASH: Auction price for Japanese scrap for export jumps another $8.4

Japanese prices of ferrous scrap for export seem set to surge following Tuesday morning's auction for Japanese H2 grade scrap for export through Tokyo Bay before end-March. Auction organizer the Kanto Tetsugen announced that the winning price was Yen 48,083/tonne ($308/t) FAS, higher by Yen 1,312/t from the top bid in last month's tender for current month shipments.

Prices for Japanese scrap for export have been steadily rising on dollar basis for some time, but the rise is larger than last month's Yen 1,083/t and made for the seventh consecutive monthly increase. The top bid price was also the highest since July 2024 when it reached Yen 52,168/t, Mysteel Global notes.

Tuesday's auction attracted 15 bids from traders wanting to buy a total of 150,900 tonnes. The Kanto Tetsugen said the 20,000 tonnes of scrap its members awarded the winner – the same tonnage as last month – is destined for either Vietnam or Bangladesh.

Although the company submitting the winning bid is never identified, Mysteel Global understands it was Toyota Motor's scrap trading arm, Toyota Tsusho, exporting scrap to Bangladesh Steel Re-Rolling Mills (BSRM Steels). Toyota Tsusho had won last month's auction also for supply to BSRM, as reported.

Written by Russ McCulloch, russ.mcculloch@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com