ASIA FERROUS SCRAP: More price slides predicted on weak downstream sales, lower Kanto tender

A combination of weak demand, poor downstream sales, a lower Kanto Tetsugen tender price and electricity rationing have limited any upward price moves this week, with more declines expected near term for the Asia ferrous scrap market, sources told Fastmarkets.

Vietnam The Fastmarkets MB assessment of the import price for heavy melting scrap 1&2 (80:20) sold into Vietnam was $335-340 per tonne cfr for the week ended on Friday April 12, stable from a week earlier. Offers for deep-sea HMS 1&2 (80:20) from the United States were at $338 per tonne cfr Vietnam. European and Japanese H2 scrap was on offer at $332-333 per tonne cfr Vietnam earlier in the week. Hong-Kong-origin HMS 1&2 (50:50) was reportedly sold into Vietnam at $333 per tonne cfr in the earlier part of the week before offers dropped to $328 per tonne cfr Vietnam on Friday April 12. Bids from steel mills in Vietnam were at $320 per tonne cfr Vietnam for bulk cargoes regardless of origin and quantity. “Buyers are...

Published

Paul Lim

April 12, 2019

10:55 GMT

Singapore