Ferrous scrap buyers started withdrawing from the spot market in key importing country Vietnam during the week to Friday January 15 due to growing sentiment of a downward price trend, market sources told Fastmarkets.
Offers for Japanese H2 were at $460 per tonne cfr southern Vietnam and $465 per tonne northern Vietnam compared with bids at $450-455 per tonne cfr Vietnam.
But buyers remained wary amid expectations of more price declines.
“Given the current price trend, it is much better to wait and see,” a buyer source in Vietnam told Fastmarkets.
Bids for bulk Japanese H1&H2 (50:50) were at $460-465 per tonne cfr Vietnam and offers were at $470 per tonne cfr Vietnam before the Kanto Tetsugen auction results.