United States-origin bulk ferrous scrap is undercutting Japanese H2 heavy scrap in the Asian spot markets despite stable demand from buyers in recent weeks.
Significant price drops in the US domestic market have led to a fall in export offers from the US West Coast, leading to lower bids from buyers in Asia. VietnamHeavy melting scrap 1&2 (80:20) was being offered at $320 per tonne cfr Vietnam this week, compared with $320-325 per tonne cfr Vietnam for Japanese H2, market sources said."Japanese scrapyards are surprised that US sellers have lowered their prices so much during the time Japan was away on vacation," a Vietnamese trader told Fastmarkets this...