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PrintBloomberg reported that Japan's biggest export auction for scrap steel drew no bidders for the first time since the monthly sales began in 2001 as a plunge in the won in the past month and a credit freeze deterred South Korean buyers.
Ms Keiko Ueno a spokeswoman for Kanto Tetsugen said that Kanto Tetsugen, the Tokyo area scrap dealers' cooperative that holds the auction, will export no metal in November 2008.
Ms Sakio Norita director at Mitsui Bussan Metals Co said that scrap prices tumbled 14% for domestic buyers this week as a construction slump in Japan cut demand and a widening global credit crisis dimmed the outlook for global demand. The decline in exports also comes as some South Korean buyers may have been unable to obtain letters of credit.
She said that "There is no demand from South Korea and little demand from China because the plummeting won makes it too expensive for Korean mills. Some Korean traders are having difficulty opening letters of credit for importing steel scrap, given the plunging won.''
Scrap, the key raw material for mills that use electric arc furnaces, has dropped by 43% in Japan from the record set in mid July and is selling for about a fifth less than average for the past year.
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