Slight fall in African scrap prices attracts Asian importers

Tuesday, 21 June,

Due to the softened finished steel products as well as the tighter capital, importers from South East Asia now are looking for the Africa-origin scrap. …

This week, the offer of HMS1&2 (80:20) from West Africa in containers slide to US$460-485/tonne CFR from US$470-485/tonne last week. But, no bookings have been reported.

Currently, the demand for scrap in Indonesia, Malaysia and Vietnam still remains sluggish, thus buyers purchase small quantities. But, an Indonesia steel mill said that the US or EU scrap is more popular on the higher quality.

Market sources said that Indonesia and Singapore hold stubbornly high scrap inventories and thereby the scrap prices may sink in the following two weeks.