Prices for ferrous scrap in the Asian markets have started to decline due to weaker demand from key downstream buyers in Vietnam and Taiwan, Fastmarkets heard on Friday March 1.
Buyers in these two territories were out of the market temporarily, either on vacation or while waiting for further price falls.VietnamImport prices into the Southeast Asian nation were lower because of ample availability of ferrous scrap from Europe, the United States and Hong Kong.Fastmarkets' import price assessment for HMS 1&2 (80:20) sold into Vietnam was $335-340 per tonne cfr for the week to March 1, down by $5 per tonne from a week earlier.Offers of deep-sea HMS 1&2 (80:20) scrap came at $340 per tonne cfr to Vietnam, down from $345-350 per tonne last week.Deep-sea HMS 1&2 cargoes of lower quality from Europe were offered at $330-335 per tonne cfr Vietnam, against...