ASIA FERROUS SCRAP: Asia takes lead in global price decline

Asia appears to be setting the trend in the global ferrous scrap market, with prices in Taiwan and Vietnam falling steadily since the start of the year before those in Turkey plunged toward the end of this week.

Vietnam
Fastmarkets’ weekly price assessment for bulk cargoes of steel scrap HMS 1&2 (80:20), cfr Vietnam was $290-295 per tonne cfr on Friday January 17, down by $5-10 per tonne from last Friday.
Deep-sea bulk cargoes of heavy melting scrap 1&2 (80:20) were offered at $300-305 per tonne cfr Vietnam this week, though interest for these remained thin due to their high premiums over competing bulk cargoes of H2 scrap from Japan.
But market sources said any buyer who was interested in cargoes from the United States would likely pay only $290-295 per tonne cfr Vietnam for them amid the recent downtrend in global scrap prices.
The bellwether market of Turkey saw prices for such materials plunge by about $15 per tonne on Thursday to $288.80 per tonne, after several weeks of relative stability.

This week, transactions involving Japanese H2 scrap were concluded...

Published

Paul Lim

January 17, 2020

11:41 GMT

Singapore