Asian ferrous scrap prices are riding on surges in iron ore prices and much-needed restocking activity by steel mills and are continuing on an upward trend, Fastmarkets heard on Friday February 1.
The bullish sentiment in the iron ore markets has spilled over into the scrap markets. Traders have hurriedly raised their offer prices in response to stronger demand for more steelmaking raw materials from end-users, worried that iron ore supplies may be affected.A projected increase in downstream steel prices, due to higher iron ore prices, has also led to higher scrap offers from sellers, which felt that steel mills were willing to accept price increases this week.Scrapyards in the United States and Japan were enjoying a sellers' market due to strong demand from many international buyers looking to restock their scrap inventories. The increased appetite from the key market of Turkey also drove offers upward.VietnamImport prices into the Southeast Asian nation continued on an uptrend due to restocking by end-users.Fastmarkets' import price assessment for HMS...