Market participants have been surprised by the continued rise inAsian ferrous scrap prices, especially in the face of weak downstream demand.
"Some people have been caught short and now have to purchase at higher prices after selling their cargoes previously," a trader in Vietnam told Fastmarkets on Wednesday December 4.Prices in Asia have been on an upward trend from early October, boosted by limited supply in winter when scrap collection is hampered by inclement weather. China's pig iron demand has also driven up demand for ferrous scrap in the United States, leading to less supply...