A recent price surge in global ferrous scrap markets has led to more buying interest in Vietnam, with buyers booking multiple cargoes this week.
While demand in Taiwan has slowed, buyers there are likely to return to the spot market next week in response to rising prices in the United States and Turkey.VietnamFastmarkets' price assessment for bulk shipments of steel scrap HMS1&2 (80:20), cfr Vietnam was $275 per tonne cfr on Friday November 8, up $10 per tonne from a week earlier.Offers were at $280-287 per tonne for United States-origin HMS 1&2 (80:20), while deep-sea shredded scrap was offered at $290-295 per tonne cfr Vietnam.There was chatter in the market that a Vietnamese buyer had bought a bulk cargo of HMS 1&2 (80:20) from Southeast Asia at $275 per tonne cfr. Bids were at $270 per tonne cfr Vietnam."There is some re-stocking...