Ferrous scrap prices in Asia maintained their downward trend this week amid soft end-user demand in the region.
Offers were ample but buyers mostly either stayed on the sidelines or sought out limited volumes to import.Market participants are also not sure what to expect from the market over the next few weeks.Some of them said sellers in the United States were not willing to offer containerized scrap at any lower prices because they were getting ready for their year-end vacation.But lower tender prices from a tender held earlier this week by the Kanto Tetsugen, a cooperative of scrap dealers in Japan's most-industrialized region where Tokyo is located, have dampened sentiment. Some market participants expect Japanese H2 scrap to lead a sustained round of price drops in the coming weeks. The continued decline in the prices for imported scrap in Turkey as well as those for rebar in the country's domestic market also contributed to the bearish sentiment.Vietnam Fastmarkets MB's import price assessment for heavy melting scrap (HMS) 1&2...