Import prices for ferrous scrap in Vietnam surged during the week to Friday May 14 amid bullish sentiment in the spot market among scrapyards, steel mills and traders.
Multiple factors have driven the price increases, chief among which is the rapid increases in regional and Turkish scrap prices, as well as booming downstream steel prices.There was market chatter that the third winner of the May Kanto Tetsugen auction, which had bought 5,150 tonnes of H2 scrap at ?48,015 ($438.19) per tonne on an fas basis, had sold the parcel to Vietnam at $505 per tonne cfr, although this could not be confirmed by...