Asian ferrous bulk import prices rose by $8-12/mt this past week on six bulk cargo bookings.
Volumes picked up pace during the week as strong iron ore markets and China’s struggle to return domestic scrap processing to pre-virus levels continued to support prices of semi-finished products and raw materials in Asia.
Mills in South Korea, Vietnam, Thailand, and Bangladesh booked bulk vessels over the past seven days, mostly from the US.
A mill in Bangladesh booked a bulk vessel of #1 busheling from Japan at #303/mt cfr Chittagong.
In Vietnam, at least two cargoes carrying a mix of heavy melt and shredded were booked from the US at a shredded scrap price level of around $285/mt cfr, up by $12/mt from the country’s last bulk booking in the first week of June.
A third US west coast cargo was booked by a mill in Thailand at $287/mt cfr for 30,000mt of shredded scrap, up from its previous $267/mt booking in the third week of May.
In South Korea, a producer booked a 30,000mt US west coast cargo late week at an #1 HMS price level of $279/mt cfr, up $20/mt from Korea’s last bulk booking in late May.
A mill in India booked a bulk cargo of shredded scrap at a price level of around $288/mt cfr, Davis Index understands.