Import prices for ferrous scrap in Vietnam continued to fall in the week to Friday May 28 due to sentiment weakened by plunging steel prices in China recently.

Turkish steel mills skipped the second working day of the week with no deep-sea bookings amid negative signals from the Chinese steel industry, market participants told Fastmarkets on Tuesday May 25.

A handful of recent cargoes of shredded steel scrap have successfully cleared through Chinese ports, raising hopes across the market that China may start to import more of this key material grade in the near future.

Turkish steel producers skipped the last working day of the week with no deep-sea bookings, market participants told Fastmarkets on Friday May 21.

Panic selling in the major Vietnamese hot-rolled coil import market has let prices dip below $1,000 per tonne cfr Vietnam for SAE1006-grade materials this week, sources said on May 21.

Cooling sentiment in the entire ferrous supply chain in Asia has cooled import prices for containerized ferrous scrap in the key Taiwanese market, sources said on May 21.

Import prices for steel scrap to Bangladesh continued to rise during the week to Thursday May 20, with buyers increasingly searching for tonnages, sources told Fastmarkets.

Base metals prices on the London Metal Exchange were mainly stronger this morning, Thursday May 20, on dip buying, while those on the Shanghai Futures Exchange were down across the board in reaction to the 3.5% average loss on the LME on Wednesday.

London Metal Exchange three-month copper futures hit $10,720 per tonne in May amid disruption from the Covid-19 pandemic and political tensions affecting material supply from mines.

Five things you need to know about the oilseeds outlook for 2021