Vietnamese buyers of imported ferrous scrap have dismissed higher offers this week due to the lower Kanto Tetsugen auction prices, while Taiwanese buyers are slowly increasing their bids in light of higher prices in key market Turkey.
Market participants said they expect more spot trading activity next week when a clearer price outlook emerges.
Vietnam
Fastmarkets' weekly
price assessment for deep-sea bulk cargoes of steel scrap, HMS 1&2 (80:20), cfr Vietnam rose by $5-10 to $240 per tonne on Thursday April 9
from $230-235 per tonne on April 3.
Offers for deep-sea materials increased to $250 per tonne cfr Vietnam on Thursday from $243 per tonne cfr Vietnam earlier in the week. Shredded scrap was offered at $248 per tonne cfr while bonus scrap was offered at $253 per tonne cfr Vietnam in the earlier part of the week.
There was limited demand from buyers, who felt there was no reason for prices to increase due to the weak downstream billet and long steel markets.
There were no bids heard, although market sources said prices...