Asian ferrous scrap prices are poised to spring upward immediately after the Lunar New Year holidays in the region, market participants have told Fastmarkets MB.
"In the current market sentiment, the bullish price trend will continue because sellers of ferrous scrap will continue to hold back their cargoes even more," a trader in Southeast Asia said.This was due to widespread expectations that steel mills in the region will increase their offer prices for finished steel products on the back of the sharp climbs in steelmaking raw materials prices driven by miner Vale's force majeure declaration on iron ore.Prices had been stable this week amid a trading lull caused by the major Lunar New Year holidays. Key import markets South Korea, Vietnam and Taiwan...