The price bottom has not been reached yet, market sources said, because Japanese scrap is expected to be offered at lower prices next week after Tokyo Steel dropped its scrap purchase price in the week To August 23.
There is also ample supply in Europe, with lower-grade materials competing with United States-origin HMS 1&2 (80:20) material for the key Vietnam market.
Fastmarkets’ price assessment for bulk shipments of steel scrap HMS 1&2 (80:20), cfr Vietnam was $305-310 per tonne cfr Vietnam on August 23, down by $5 per tonne from $310-315 per tonne cfr Vietnam a week earlier.
Bulk cargoes of HMS-grade material from the US West Coast were offered around $313 per tonne cfr Vietnam during the week.
There was a transaction heard concluded at $308 per tonne cfr Vietnam for USWC HMS 1&2 (80:20), although the counterparties could not be confirmed by market participants.
There was an offer at $321 per...