Taiwanese buyers purchased limited quantities of containerized cargoes at lower prices, while Vietnamese buyers bought mostly higher-grade materials.
The spread between ferrous scrap offers from the United States West Coast and Japan narrowed considerably over the past week, after offers for deep-sea cargoes fell to $263 per tonne cfr Vietnam.
However, this does not mean that US-origin material is more cost-effective for buyers, because it continues to hold at least a $10-15-per-tonne premium over Japanese scrap.
The rapid spread of the novel coronavirus (2019-nCoV) through Europe and the United States may also affect scrap collection and result in decreased supplies.
Fastmarkets’ weekly price assessment for steel scrap H2 Japan-origin import, cfr Vietnam
, was $240 per tonne cfr on March 20, down by $10-12 per tonne from $250-252 per tonne last week.
Bulk cargoes of Japanese H2 scrap was offered...