Ferrous scrap prices in Asia continued to slide this week due to a series of mill stoppages in the region, market sources told Fastmarkets MB.
The weak demand led traders to divert excess supply to other key markets.But market sources think prices have likely bottomed out and should experience a rebound soon.VietnamThe Fastmarkets MB import price assessment for bulk cargoes of heavy melting scrap 1&2 (80:20) sold into Vietnam was $328-333 per tonne cfr for the week ended Thursday April 18, down $7 per tonne from last Friday.Bulk cargoes of United States-origin HMS 1&2 (80:20) were offered at $330-333 per tonne cfr Vietnam, while Australian HMS 1&2 (80:20) was offered at $333 per tonne cfr Vietnam.Bids for US materials were made at $328 per tonne cfr Vietnam. Market sources said counterparties were negotiating to conclude transactions around $328-333 per tonne cfr Vietnam.European HMS 1&2 (60:40) was offered at $328 per tonne cfr Vietnam. A 5,000-tonne cargo of Japanese H2 scrap was sold at $323...