Ferrous scrap prices in Asia continued to trend downward this week, but a rebound might be on the horizon, market sources told Fastmarkets MB.
This is because scrapyards in the United States and Japan are facing very thin margins and are unlikely to lower their prices any further, they said."The downtrend is still present, especially with long steel still being offered at low prices by mills in Turkey and Qatar. This has had a dampening effect on ferrous scrap prices," a Vietnamese end-user source said.VietnamThe Fastmarkets MB import price assessment for bulk-shipments of HMS1&2 (80:20) sold into Vietnam was $303-305 per tonne cfr on Friday June 21, down $7-10 per tonne from a week earlier.A steelmaker that produces steel using the induction furnace route was heard to have bought a cargo of such materials from either the...