Participants in the Southeast Asian ferrous scrap market expected spot prices to continue to rise throughout August in the face of higher domestic settlements in the United States, as well as bullish sentiment in Japan for the next Kanto Tetsugen auction.
Buyers in the key import markets of Vietnam and Taiwan have accepted higher prices, Fastmarkets heard on Friday August 2, with only South Korea staying out of the spot market because mills in the country were undergoing annual maintenance.VietnamFastmarkets' price assessment for bulk shipments of steel scrap, HMS 1&2 (80:20), cfr Vietnam, was $315-320 per tonne cfr on August 2, up by $5 per tonne from $310-315 per tonne cfr a week earlier.Bulk cargoes from the US West Coast were offered at $320-322 per tonne cfr Vietnam, while material from Singapore was offered at $320 per tonne cfr Vietnam. Bids were heard at $315 per tonne cfr Vietnam.Japanese H2-grade scrap was offered at $308-310 per tonne cfr Vietnam. Market sources said that there were transactions heard concluded at $305, $308 and...