Though overall trading activity has not been very high in Asia, scrap suppliers have announced a further price increase which followed a number of successful deals at higher levels in Vietnam and Bangladesh.
Japanese suppliers have increased offers for H2 scrap to JPY 25,500-26,000/mt ($235-239/mt) FOB, which is JPY 500-1,000/mt ($4.6-9/mt) higher compared to the previous deal to South Korea. Prices for this grade from Japan to Vietnam have been heard at $280/mt CFR on average, which is about $5/mt above the level last week.
A deal from one supplier in Singapore has been done to Vietnam for HMS I/II 80:20 by bulk at $281/mt CFR, sources confirmed to SteelOrbis. “But today this price seems too low for me,” an Asian trader said. Offers for ex-US HMS I/II 80:20 by bulk have increased to $285-295/mt CFR, up $5/mt on average from last week.
US scrap was sold at higher prices to Bangladesh late last week, supporting the uptrend in Asia. Ex-US HMS I/II 80:20 by bulk has been traded at $300/mt CFR and shredded at $305/mt CFR, for January shipment.
