ASIA FERROUS SCRAP: Virus fears, price drop keep buyers away

Buyers in the Asian ferrous scrap market are putting off purchases of imports amid fears over the Wuhan coronavirus outbreak in China and news of transactions being concluded below prevailing levels involving cargoes sold to South Korea.

Fastmarkets’ weekly price assessment for bulk cargoes of steel scrap HMS 1&2 (80:20), cfr Vietnam was $278-285 per tonne cfr on Friday January 31, down $10-12 per tonne from $290-295 per tonne cfr Vietnam a week earlier.
Deep-sea bulk cargoes of heavy melting scrap 1&2 (80:20) from the United States’ West Coast were offered at $285 per tonne cfr southern Vietnam during the week, while bids were made at $278 per tonne cfr southern Vietnam.
Bulk cargoes of Japanese H2 scrap were offered to southern Vietnam at $270-271 per tonne cfr, while similar cargoes were offered to northern Vietnam at $280 per tonne cfr. These offers are down by about $10 per tonne from before the Tet - the Vietnamese Lunar New Year - last week.

Bulk cargoes comprising a 50:50 ratio of Japanese H1 and H2 scrap were offered at $275 per tonne cfr...


Paul Lim

January 31, 2020

09:53 GMT