Offer prices of scrap imports into Southeast Asia have risen by $10/tonnes or more during the last week. However, transactions in the region still limited and concluded at $5/tonne higher because the buyer still reluctant to accept the higher prices.
Currently, offer prices of 80:20 HMS 1&2 from Africa and the Middle East have risen to $345-350/tonnes Vietnam and $340/tonnes Singapore. In the meantime, offer prices for shredded from USA and UK have risen to $370-380/t cfr but market is resistance to book at this level. A trader in the regional told that demand in the regional market is currently weak and the mills are bidding at $360/t cfr or below.
