The somber trading sentiment in Asia is turning exceedingly bearish, with ferrous scrap prices plunging to levels not seen for years, market sources told Fastmarkets.
"It's gloom and doom all over the place. No one has anything good to say about the ferrous scrap markets at this point in time," a trading manager in Singapore told Fastmarkets.Several of the key price points in Asia have shown sharp downtrends over to week to Wednesday September 4.Steel scrap HMS 1&2 (80:20 mix) US material import, cfr main port TaiwanImported containerized material was sold at $250-255 per tonne cfr Taiwan as of Wednesday. Taiwanese steel mills had been bidding at $250 per tonne cfr Taiwan this week, against offers at $255-260 per tonne cfr Taiwan.Fastmarkets' price assessment for steel scrap...