Ferrous scrap prices dipped this week due to weak demand from the key import markets of Taiwan and Vietnam.
Sufficient raw material inventory levels and weak demand for downstream rebar and billet products kept major buyers on the sidelines.VietnamFastmarkets MB's assessment of the import price for heavy melting scrap (HMS) 1&2 (80:20) sold into Vietnam was $355-357 per tonne cfr for the week ended Friday October 26, down $3 per tonne on the high end from last week.There were thin bids heard from downstream steel mills because buyers had sufficient ferrous scrap inventory, including from domestic sources.This prevented buyers from entering the import markets...