Scrap prices in Asia were largely steady this week, but they are expected to rise after the United States lowered its Section 232 duty on Turkish steel by half, market sources told Fastmarkets MB.
"Turkey will likely increase its demand for ferrous scrap, so prices off the US East Coast will increase and support the market," a seller in the North American country said.But the lowering of the tariff could cut US mills' demand for scrap in the country because Turkish mills would be able to ship more steel products to the US. This would in turn result in the supply of the steelmaking raw material rising."US sellers may try to offload more quantities to Asia if that happens," a scrap trader in Singapore said.VietnamThe Fastmarkets MB import price assessment for bulk cargoes of heavy melting scrap 1&2 (80:20) sold into Vietnam was $315-320 per tonne cfr on Friday May 17, unchanged from a week earlier.While market participants were expecting spot prices for scrap to fall in the earlier part of the week, these expectations dissipated toward the...