Vietnamese buyers have been seeking bulk deep-sea ferrous scrap to make up for a lack of supply from Japan, market sources told Fastmarkets.

Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were for the most part stronger this morning, Friday March 26, suggesting overall sentiment remains bullish while participants see dips as a buying opportunity.

Total crude steel output across 64 major producer countries was 150.2 million tonnes in February 2021, down by 8% month on month but up by 4% from February 2020, the World Steel Association (Worldsteel) said on March 23.

Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange, as well as spot precious metals prices, were mainly weaker this morning, Tuesday March 23, as were broader markets.

Fastmarkets is proposing to launch a zinc SHG ingots in-warehouse Southeast Asia warrant premium to complement its current zinc warrant coverage, which is focused on Europe and United States.

Base metals prices on the London Metal Exchange were mixed on Monday March 22, while those on the Shanghai Futures Exchange were up across the board.

The Coalition of American Metal Manufacturers and Users (Cammu) claims that United States Commerce Secretary Gina Raimondo was mistaken about the success of the Section 232 steel and aluminium tariffs, and reiterated its call for their termination.

A lack of vessels at Japanese ports has resulted in low liquidity for imported ferrous scrap in the key market of Vietnam in the week to March 19, market sources told Fastmarkets.

Import prices for heavy scrap (HS) in China moved down on Friday March 19 amid shipping difficulties and a drop in buying demand, sources told Fastmarkets.

Three-month base metals prices on the London Metal Exchange were down across the board during morning trading on Tuesday March 16, with tin’s price falling the most to $24,630 per tonne – this after the complex mostly ended in positive territory on Monday.