Spot prices for ferrous scrap in Asia picked up some strength this week on steady demand from end users in the region.
While rising prices for scrap in Turkey provided support to the region's market, weak downstream demand for steel capped the increases.Fewer Japanese scrap offers were made to the region this week because scrapyards in Japan were making their domestic market a priority over the export market.This is because exports are fetching prices of around ?27,000 ($251) per tonne fob Tokyo Bay, which is about ?1,000 per tonne lower than the ?28,000 per tonne being paid by domestic buyers. VietnamFastmarkets' price assessment for bulk shipments of steel scrap HMS 1&2 (80:20), cfr Vietnam was $315 per tonne cfr on Friday July 19, narrowing upward by $7 per tonne from a week earlier.Bulk cargoes of heavy melting scrap 1&2 (80:20) from the United States West Coast were offered at $318-320 per tonne cfr Vietnam, while similar materials from Singapore were offered at $325-330 per tonne cfr Vietnam. Two steel mills in southern...