Asian ferrous scrap prices dipped during the week ended Friday January 11 this week despite stronger demand from end users in the region.
Steel mills in Vietnam and South Korea booked large volumes of ferrous scrap throughout the week from the United States, Japan and Russia. However, prices did not increase due to the ample supply in the market.Vietnam Fastmarkets' import price assessment for heavy melting scrap (HMS) 1&2 (80:20) sold into Vietnam was $310-315 per tonne cfr for the week to January 11, down from $316-317 per tonne cfr a week earlier. Offers for deep-sea bulk cargoes were numerous, including $305 per tonne for Europe-origin HMS (60:40), $305-310 per tonne for Europe-origin HMS (70:30) and $320-325 per tonne for US-origin HMS (80:20).Bids were at $295 per tonne cfr Vietnam for HMS 1&2 (80:20), resulting in a large buy-sell gap in the market and limited spot negotiations for such materials. The thin liquidity was also caused by the lower prices for Japanese H2 scrap heard in the spot market.Market sources said demand...