Steady demand for ferrous scrap in Asia has failed to stop the ongoing price slides in the region.
There have been bookings of bulk cargoes in Vietnam, South Korea and Taiwan this week. However, prices are lower than previous weeks.A major South Korean steel mill bought at least 45,000 tonnes of heavy melting scrap (HMS) 1 at a base price of $325 per tonne cfr from the United States.A major Vietnamese steel mill bought at least 10,000 tonnes of Japanese H2 scrap at $297 per tonne cfr.A major Taiwanese steel mill bought Japanese H1:H2 (50:50) scrap at $295 per tonne cfr.Market participants expect offers to slide further after...