Ferrous scrap prices in Asia have started to decline on weakening markets for billet and long steel products downstream, sources told Fastmarkets MB this week.
The decreases came despite buyers in Vietnam, Taiwan and South Korea placing bookings cargoes to replenish their inventories. Steelmakers in Vietnam and South Korea in particular booked large volumes.Scrap prices are expected to slide further in the near term, with market sources not expecting any significant uptick in demand anytime soon.VietnamImport prices for scrap in Vietnam weakened after mills in the Southeast Asian country submitted lower bids amid pessimistic sentiment.The Fastmarkets MB import price assessment for heavy melting scrap 1&2 (80:20) sold into Vietnam was $340-345 per tonne cfr for the week ended Friday March 29, narrowing downward by $5 per tonne from a week earlier.Offers for...