Contract cancellations amid an ongoing outbreak of the novel coronavirus in China and beyond are making for a buyer's market for ferrous scrap in Asia.
Vietnam
Fastmarkets' weekly price assessment for bulk cargoes of steel scrap HMS 1&2 (80:20), cfr Vietnam was $267-269 per tonne cfr on Friday February 7, down by $11-16 per tonne from $278-285 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 $270-275 per tonne cfr southern Vietnam during the week, while bids were made at $260-265 per tonne cfr southern Vietnam.
Market sources said such cargoes would likely be sold at $267-269 per tonne cfr southern Vietnam since a major steelmaker in South Korea had bought a similar cargo at $261 per tonne cfr earlier this week.
Bulk cargoes of Japanese H2 scrap were offered to southern Vietnam at $250 per tonne cfr on Friday, down from $260-265 per tonne cfr in the middle of the week. The...