Scrap Prices Up $10-$15 / MT in Vietnam and S.E. Asia
Buyers have raised their scrap prices in Southeast Asia and Taiwan by $10-$15/ton since last weeks announcement that Turkey was back in the market.. Higher prices are anticipated for November and offers to purchase in bulk for 80:20 HMS 1&2 and shredded are priced at $405-$415/mt cnf and above, as compared to bookings two to three weeks ago of around $400/mt cnf to Vietnam .
Containers of 80:20 HMS 1&2 are around $395-405/mt cnf Vietnam and there are even offers at above $405/mt. Offers for containerised 80:20 are at $387-394/mt cnf to Malaysia and Singapore, up by $7-12 from last weeks quotes. Offers are not coming is as quickly until USA scrap prices comout in early November. Most mills have enough inventory as there is a lackluster in finished product.
With expectations of a further price increase, deep sea scrap suppliers have withdrawn their previous offers and are offering at higher numbers today. Steel producers are about to start replenishing their inventories ahead of winter and the fact that December loading cargoes have now started to be negotiated will keep scrap prices firm for a while.