Trading activity in the Asian scrap market has slowed down to minimum levels this week as customers started to leave the market on Tuesday and Wednesday ahead of the holidays. As a result, there has been a price decline in rare deals for ex-US scrap in Taiwan, while Japanese suppliers have decided to keep prices stable to Asian customers so far after the declines last week.
Offers for ex-US HMS I/II 80:20 by containers have been at $255/mt CFR, $5/mt below last week. Though overall demand has been limited ahead of the holidays, on Wednesday a deal was closed at $245/mt CFR, $10/mt below the transaction level late last week, SteelOrbis learned. Even with this price, there have been very limited sales as customers are going to achieve more discounts after the Chinese New Year, which will officially start on Friday, January 24 and last till January 30.
The Vietnamese market has also been quite ahead of the New Year holiday with nominal prices for ex-Japan H2 stable at $280/mt CFR. The workable level for ex-US HMS I/II 80:20 by bulk have slipped by $5/mt to $290-295/mt CFR, “but no deal amid the falling market and holiday,” a trader said.
Offers for Japanese H2 scrap to South Korea have been heard at JPY 25,500/mt ($233/mt) FOB, similar to the previous deals registered a week ago.