ASIA FERROUS SCRAP: Prices continue uptrend on supply shortage

Prices have continued rising in the Asia ferrous scrap markets, with buyers in Taiwan and Vietnam accepting higher prices on tighter supply and expectations of further increases.

Bullish sentiment in the domestic scrap markets in the United States has also led to expectations that offers from scrapyards on the US West Coast will increase further in the short term. Vietnam Fastmarkets’ price assessment for bulk shipments of steel scrap HMS 1&2 (80:20), cfr Vietnam, was $285 per tonne cfr on Friday December 6, up $4 per tonne from a week earlier. Offers for HMS 1&2 (80:20) from the US West Coast were at $290 per tonne cfr Vietnam and above, but market sources said this material would likely transact at about $285 per tonne cfr Vietnam this week, up from last week's $281 per tonne cfr Vietnam. Bids for HMS 1&2 (80:20) were at $275 per tonne cfr Vietnam by end users, but traders said sellers were unlikely to accept this price....

Published

Paul Lim

December 06, 2019

10:27 GMT

Singapore