Prices in the benchmark market have risen continually this week on the back of surges in global scrap prices, which was caused largely by higher prices in the key Turkey market.
Vietnamese buyers have turned partially to purchasing billets, instead of ferrous scrap, due to the thin spreads between ferrous scrap and billet prices.
Fastmarkets’ price assessment for bulk shipments of steel scrap HMS1&2 (80:20), cfr Vietnam was $255-260 per tonne cfr on Friday October 25 , up $5-10 per tonne from a week earlier
Offers were at $260-262 per tonne for US-origin HMS1&2(80:20).
Market sources said negotiations - if any - would most likely be in the range of $255-260 per tonne cfr Vietnam.
"There are limited...