The Asian ferrous scrap spot market has softened amid an ample supply of Japanese cargoes in the region, which allowed buyers to purchase both these and United States-origin shipments at lower prices.
Numerous buyers are expecting Japanese scrap to remain the most competitive in Asia in the near term, especially with Shindachi scrap - a Japanese grade of busheling - being offered at levels similar to shredded scrap. This encourages buyers to opt for cargoes of Shindachi, a type of prime scrap, instead of the obsolete grade.A 30,000-tonne cargo of Australian heavy melt scrap (HMS) 1&2 (80:20) was offered at $280 per tonne cfr Vietnam this week while 40,000 tonnes of...