Ferrous scrap prices in Asia continued to trend downward this week amid intense competition in the downstream billet and long steel markets.
"The low prices in those markets are resulting in weaker price ideas for ferrous scrap in Asia," a Japanese trader told Fastmarkets MB on Friday November 2.The bearish sentiment is expected to persist for the short term and drive down ferrous scrap import prices further."Scrap prices will bottom out soon but there is still some room for them to fall further," the same trader said.VietnamFastmarkets MB's import price assessment for heavy melting scrap (HMS) 1&2 (80:20) sold into Vietnam was $350-358 per tonne cfr for the week to Friday, widening from $355-357 per tonne last week.Buyers of bulk scrap cargoes in Vietnam remained on the sidelines because of fierce competition in the downstream billet market from integrated steelmakers that operate...