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Scrap imports to Vietnam drop

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Ferrous scrap imports into Vietnam fell further in February: steel mills reduced import purchases because scrap prices are at multi-year highs. Imports in February dropped by 7.3pc from the previous month to 383,170t.

January-February imports fell by 11.3pc to 796,418t compared with a year earlier, according to Vietnam customs data. February arrivals had mainly been booked from early December to mid-January. Global scrap prices have been on a strong upwards trend since November.