Asian scrap prices rise in scramble for material

Feb 22, 2013 | 10:45 AM | None

Tags  ferrous scrap, southeast asia, No 1 heavy melt, No 2 heavy melt, shredded

SINGAPORE — Some mills in Southeast Asia appear to be short of ferrous scrap after the Lunar New Year holiday.

Traders have received more inquiries in the past week for prompt cargoes at a time when offers were scarce, pushing up prices.

Bulk cargo offer prices—basis 50-percent No. 1 and No. 2 heavy melt (80:20) and 50-percent shredded—from the United States and Europe to Vietnam have risen by $10 per tonne in just a few days to $435 to $440 per tonne c.f.r. Feb. 22, a Vietnamese trader told AMM sister publication Steel First.....

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