Ferrous scrap bookings into Southeast Asia have risen by $5 per tonne in the past two weeks, tracking suppliers’ higher offers.
Bookings of HMS 1&2 (80:20) in the region for materials from the USA and Europe were at $450-460 per tonne cfr this week, up from $445-455 per tonne cfr two weeks ago
, mill and trading sources in the region said.
“Many buyers are bidding at below $450 per tonne cfr, but many suppliers have refused to accept these lower bids,” a trader in Vietnam said.
“It’s April, and winter is ending, but some suppliers said supply is still tight in Europe,” another trader in Vietnam said.
Thin volumes are being sold as buyers have been restocking since early March, traders said.
“The week’s sales are quite small, perhaps around 3,000-5,000 tonnes. Sales enquiries are slowing down too,” the first trader in Vietnam said.
Small volumes are also being sold in Malaysia, as some mills go on restocking.
“The big boys have not ordered yet. It’s the smaller mills that are ordering,” a trader in Singapore with operations in Malaysia said.
In Indonesia, scrap supply has temporarily been halted for allegedly containing toxic waste
European and US suppliers have raised offers for HMS 1&2 (80:20) to $460-465 per tonne cfr this week, up from $450-460 two weeks ago.
“International prices continue going up, as Turkish buyers are buying again after a two-three week break,” the first trader in Vietnam said.
Metal Bulletin’s Daily Ferrous Scrap Index rose slightly to $439.72 per tonne cfr Iskenderun on Tuesday April 3
on an HMS 1&2 (80:20) basis, up from $438.53 a day earlier.
The breakbulk market has shown some activity in the past two weeks.
Offers for breakbulk are at $480-485 per tonne cfr, unchanged for the fourth week.
But some buyers in Vietnam were booking breakbulk cargoes at $475-480 per tonne cfr at the end of March, up from $450 cfr in early December.
Some buyers in Indonesia are also making enquiries for breakbulk scrap in Europe, though no deals have been confirmed, sources told Metal Bulletin.