Asian ferrous scrap buyers have continued to keep their purchases limited over the past week, cautioning against excessive optimism about trade relations between the United States and Turkey.
While price levels have increased in Taiwan, many South Korean and Vietnamese buyers are still staying away from purchasing imported HMS 1&2 scrap despite prices in key bellwether market Turkey increasing. Some of the optimistic views shared by market sources at a recycling conference in Singapore earlier this week remain in the market, but other market participants believe that US-Turkey trade relations can sour anytime and turn market sentiment bearish again.VietnamFastmarkets' import price assessment for HMS 1&2 (80:20) sold into Vietnam was $315-320 per tonne cfr on May 24, unchanged from a week earlier.The bullish sentiment seen in other markets such as Taiwan was not present in Vietnam, where buyers were still bearish about upcoming price trends.Offers for...