Stronger demand from Asian steel mills is pushing bulk ferrous scrap prices higher. Prices were also supported by higher bids seen at February's Kanto Tetsugen export tender in Japan.
There was a deal done at $330 per tonne cfr Vietnam on Monday February 11 for an 18,000-tonne cargo of Japanese H2 scrap."Market negotiation levels were at $327-330 per tonne cfr Vietnam for Japanese H2 scrap as of Tuesday," a ferrous scrap trader in Vietnam told Fastmarkets MB on Wednesday February 13.Sellers were offering Japanese H2 at $340 per tonne cfr Vietnam on Wednesday February 13."Such offers are reasonably priced given that fas Tokyo Bay prices are about $288 per tonne," the same scrap trader said.Sellers typically pay ?900 ($8.14) per tonne in loading costs at the ports and $32-35 per...