Ferrous scrap offers into Southeast Asia have hit $400 per tonne cfr this week as demand rises and supply tightens.
Offers of HMS 1&2 (80:20 mix) in containers from Europe, USA, Middle East and Africa are at $380-410 per tonne cfr this week, up from $380-390 cfr last week, said sources in Indonesia, Malaysia, Singapore and Vietnam.
Bookings follow closely behind at $365-385 per tonne cfr, up from $360-370 cfr last week.
“Supply is tightening, while demand is strengthening from countries like Vietnam. These have pushed prices up,” said a trader in Singapore with operations in Malaysia.
“Suppliers also reject low bids from buyers. They are very confident they can sell at the prices they are asking for,” added a trader in Ho Chi Minh.
Scrap prices are highest in Vietnam, where offers of container scrap are at $390-410 per tonne cfr this week.
“We tried to bid at $370 per tonne, but we couldn’t get the deal,” said a mill official in Ho Chi Minh.
Source: MB
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