Asian ferrous scrap demand softened this week, especially after Vietnamese buyers booked large quantities last week. Price falls in key bellwhether market Turkey alsoexacerbated bearish sentiment.
Some Asian ferrous scrap market participants feel that prices have peaked and are getting ready to fall after this week."Prices have most likely peaked and should start coming off soon," a ferrous scrap trader in Singapore told Fastmarkets MB.Vietnam Import prices into the Southeast Asian nation were stable because buyers were not actively looking out for higher-grade materials.Fastmarkets MB's import price assessment for heavy melting scrap (HMS) 1&2 (80:20) sold into Vietnam was $340-345 per tonne cfr for the week to Friday February 22, stable from a week earlier.Offers for deep-sea HMS 1&2 (80:20) were at $345-350 per tonne cfr to Vietnam.A deep-sea HMS...