Demand in the major import market of Vietnam remained weak due to the narrow price spread between ferrous scrap and downstream billet, with few buyers willing to pay higher for deep-sea cargoes. There was, however, interest for lower-priced Japanese scrap.
Fastmarkets’ price assessment for bulk shipments of steel scrap HMS 1&2 (80:20), cfr Vietnam was $275 per tonne cfr on Friday November 22, unchanged from a week earlier
Cargoes of HMS 1&2 (80:20) from the US West Coast were offered at $285 per tonne cfr Vietnam.
"There isn't much interest for HMS 1&2 (80:20) cargoes this week because of the narrow spread between bulk scrap and downstream steel prices," a seller in Southeast Asia said.