In the past week, the scrap price in the Vietnamese market continued going up due to the lack of supply and the stable demand from the buyers.
According to the local market insiders, the current demand mainly came from induction furnace factories and blast furnace factories since the electric arc furnace factories may face deficits purchasing the material at the recent price level.
Considering the shortage of US scrap offer at the moment, the market participants believed that the actual price of steel scrap may further increase.
According to the traders, it was very possible that the scrap price in the US market may soar in December, which could lead to less scrap exportation from the US to other countries.
Source: YIEH
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