ASIA FERROUS SCRAP: US scrap turns competitive on surging Japanese prices

Heavy melting scrap 1&2 (80:20) from the United States’ West Coast has turned competitive again due to surging prices for Japanese H2 materials, with Vietnamese buyers now looking to purchase scrap from both locations.

Demand in Taiwan has eased, however, following numerous purchases last week. Vietnam Fastmarkets’ price assessment for bulk shipments of steel scrap HMS 1&2 (80:20), cfr Vietnam, was $265 per tonne cfr on Friday November 1, up $5-10 per tonne from a week earlier. There was a transaction done at $265 per tonne cfr Vietnam for a bulk deep-sea HMS 1&2(80:20) cargo, while offers were at $265-270 per tonne for US-origin HMS 1&2(80:20). Buyers had previously held off from purchasing bulk deep-sea cargoes from the US West Coast because it was offered at $20 per tonne higher than competing H2 supply from...

Published

Paul Lim

November 01, 2019

10:30 GMT

Singapore