12 Mar 2014 Last updated at 06:19:58 GMT
TOKYO (Scrap Monster): The Japanese H2 ferrous scrap fetched 30,910 Yen/ mt FAS vide the highest bid in the monthly auction organized by the Kanto based scrap dealers. The bid price was lower when compared with the highest bid price of 33,010 Yen per mt FAS during the auctions held a month before. Altogether, 26 bids were lodged and three among them went through.
The winning bid was from Nippon Steel & Sumikin Bussan Corp., the trading subsidiary of Nippon Steel & Sumitomo Metal Corp. for 10,000 mt of scrap. The other bids were from Sangyo Shinko Co Ltd-another member of the corporate group formed around Nippon Steel Corporation. The bids were for 5,000 mt each for 30,900 Yen/mt FAS and 30,880 Yen/mt FAS
The winning bids are in premium to existing scrap purchasing prices in Kanto region. The country’s top producer of H-beams- Tokyo Steel had announced cut of ¥ 2,000/ton in scrap purchasing prices effective March 10th, 2014 at the Utsunomiya works. The scrap purchasing prices at Utsunomiya works in northern Kanto had declined by ¥ 2,000/ton to touch ¥ 30,000/ton. The H2 scrap prices have seen continuous decline during January and February this year.
Thirteen traders participated in the auction.
Author: Paul Ploumis