Scrap prices in Asia weaken further, but first signs of improvement appear

Friday, 11 October 2019 16:26:57 (GMT+3)   |   Istanbul

Scrap prices in Asia have moved down further due to negative sentiments in Japan this week. Export price for ex-Japan H2 scrap have lost JPY 1,000/mt ($9/mt) to JPY 23,000/mt ($212/mt) FOB. Moreover, Hyundai Steel has announced bids at JPY 22,000/mt ($203/mt) FOB late this week.

In Vietnam offers for ex-Japan H2 scrap by bulk have been heard at $243-245/mt CFR in the middle of this week, which is $2-5/mt below last week. A deal for 5,000 mt has been signed at $255/mt CFR to North Vietnam. “Customers still try to push prices down, but I heard that some trader sold Japanese H2 at $248/mt CFR [to South],” a local trader said.

There have been no offers for bulk HMS I/II (80:20) from the US this week as suppliers are preparing for the price increase. The indicative level for ex-US HMS I/II (80:20) by containers has been at $225/mt CFR Taiwan compared to $220-225/mt CFR last week. Taiwanese customers have been insisting still at $220/mt CFR. Demand has dropped compared to last week partly to the National holiday in Taiwan in Thursday.

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