Japan's Kanto auction price rises for H2 scrap exports in December

The winning bid in November 13's auction for Japanese H2 grade scrap for exports through Tokyo Bay in December jumped to Yen 53,688/tonne FAS ($338/t), higher by a strong Yen 1,611/t from the top price in last month's tender and marked the second rise in two months. Interestingly, though market watchers had predicted the scrap would sail to Bangladesh, auction organizer Kanto Tetsugen said Vietnam was the destination.

The auction attracted 14 bids -- the same as last month's -- with participating traders seeking a combined 130,400 tonnes, also the same as last month. The tonnage allotted by the Kanto dealers was again 20,000 tonnes, also unchanged on month. The Kanto Tetsugen never reveals the identity of the winner,