Key market participants in the region expect more price falls after the lower Kanto Tetsugen auction this week, with end users shying away from purchasing large quantities.
Large quantities of European scrap meant for the Turkish market have also been diverted to Asia.
Fastmarkets’ price assessment for bulk shipments of steel scrap HMS 1&2 (80:20) cfr Vietnam was $265-270 per tonne cfr on September 13, down $20 per tonne from a week earlier.
Offers have dropped by $10 per tonne this week.
Bulk cargoes of HMS 1&2 (80:20) from the United States' West Coast were offered at $270 per tonne cfr Vietnam on Friday, with bids coming in at $265 per tonne cfr Vietnam.
Bulk cargoes of European HMS 1&2 (80:20) was offered at $280 per tonne cfr Vietnam at the start of the week, while European HMS 1&2 (75:25) was offered at $275 per tonne...