Japan: Kanto scrap tender hits three-year high, extends gains for ninth straight month

• Japan's April Kanto scrap export tender rose for the ninth consecutive month to JPY 54,329/t ($342/t) FAS, up JPY 4,208/t ($27/t) m-o-m, approaching March 2023 levels (JPY 55,438/t)--marking a near three-year high.
• A 10,000 t H2 cargo, won by a Japanese trading company, equals $348-350/t FOB Japan. In dollar terms, gains of $25/t were supported by a weaker yen (158.7 on 9 Apr vs 158.2 on 11 Mar).
• However, Bangladesh buyers remain cautious due to high freight, with cargo likely redirected to Vietnam or Bangladesh depending on workable levels.