ASIA FERROUS SCRAP: Price plunges keep buyers away; more falls expected

摘要

Large price falls in the Asian ferrous scrap market this week have kept buyers away, with most market sources saying they expect more price falls to come in the near term. There were bids from South Korea for bulk cargoes, but no transaction were heard to be concluded. Vietnamese buyers did not exhibit interest for US-origin bulk HMS cargoes due to an abundant supply of alternatives from Japan, Europe and Hong Kong. This was exacerbated by an obvious downtrend in prices in key bellwether market Turkey which also caused buyers to hold off on purchases on expectations for cheaper deals later.