Prices for imported scrap have increased in Vietnam over the past week owing to firm demand and Chinese interest in import billet purchases, from Vietnam and Indonesia in particular, which supported sentiments in the scrap segment.
Japanese H2 scrap was sold at $305/mt CFR in the latest deal to Vietnam last week, while the previous tradable level was at $300/mt CFR. Offers have increased to $308/mt CFR minimum at the moment. Traders have said that demand for Japanese material is not high, but customers have accepted some increase in the current bullish market. Also, “China is buying billet and pig iron. This supports scrap prices in Vietnam,” a source said.
A mixed cargo of ex-US HMS I/II 80:20 and shredded scrap has been sold to Vietnam at $312/mt CFR. Currently, offers for HMS I/II 80:20 are coming at above $310/mt CFR, with the majority of suppliers targeting $315/mt CFR.