ASIA FERROUS SCRAP: Higher Kanto auction price bolsters Vietnamese sentiment

Higher Kanto Tetsugen auction prices have bolstered sentiment in Asia for Japanese scrap, but demand for deep-sea cargoes from the United States' West Coast has faltered in both Vietnam and Taiwan.

VietnamFastmarkets' price assessment for bulk cargoes of steel scrap HMS 1&2 (80:20), cfr Vietnam was $300 per tonne cfr on Friday January 10, narrowing downwards $5 per tonne from last week.
There were three deep-sea bulk cargoes being offered by sellers in the US this week at $305-310 per tonne cfr Vietnam.
Market sources said there was limited interest from buyers, who were mainly bidding at $295-300 per tonne cfr Vietnam. Market sources estimated that the price level for these materials was at about $300 per tonne cfr Vietnam.

"It seems that the market is still a bit mixed. Buyers have started bidding lower, but sellers in the US are still confident of getting high export prices due to their robust domestic demand," a US industry source...

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