ASIA FERROUS SCRAP: Demand dips on approaching Lunar New Year

Demand dipped in Asia's ferrous scrap markets in the lead-up to major holidays in Vietnam and Taiwan, with steel mills scaling back purchases in preparation for the Lunar New Year.

The downward trend for global scrap prices also dampened buying sentiment. Buyers have withdrawn from the market to wait for prices to bottom out.
Vietnam
Fastmarkets' weekly price assessment for bulk cargoes of steel scrap HMS 1&2 (80:20), cfr Vietnam was $290-295 per tonne cfr on Friday January 24, unchanged from a week earlier.
Deep-sea bulk cargoes of heavy melting scrap 1&2 (80:20) from the United States' West Coast were offered at $295 per tonne cfr during the week, but interest for these were limited.

Bulk cargoes of Japanese H2 scrap were offered to southern Vietnam...

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