Asian buyers’ strong demand expect to push up scrap prices

Recently, Asian buyers have started to purchase the vessel scrap. It’s said that China’s buyers have purchase 50 thousand ~ 60 thousand tons of scrap; also, South Korea’s mills have placed orders for two ships of vessel scrap currently.

It’s known that the prices of HMS scrap 1&2 (80: 20) are dealt at US$485~US$490/ton C&F.

As the prices of steel flat products have continued soaring in global market, blast furnace mills have more willing to purchase the scrap. Therefore, the purchase from Asia has surged after the Chinese New Year vacation.

Dealers indicated that the scrap prices were expected to rebound, driven by the strong demand from Asia. Besides, it’s predicted that Turkish buyers would return to market soon, pushed by the hot trend in Asia.

News Date 2/21/2011 8:18:34 AM reported by Thomas Tang