Import scrap offers shared with Vietnamese buyers have remained stable over the past week. Market sources report that Turkey’s unusual demand for ex-US West Coast cargoes have provided some support for US origin scrap offers to Vietnam, but there is no real demand in the country right now at such prices. Meanwhile, scrap purchases from Japan have been done at unchanged prices, while sources believe prices will move sideways for a while, with Vietnamese buyers focusing on small tonnages instead of bulk.
After picking up slightly last week, ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have remained unchanged this week in the range of $350-355/mt CFR. Sources report that workable levels are still at around $340/mt CFR. Market sources report that there have been no new deals from the US to Vietnam “due to weak demand in Asia and strong demand from Turkey”.
Vietnam’s Japanese H2 scrap purchases have been closed at $325/mt CFR over the past week, with offers remaining at around $330/mt CFR, unchanged for the fourth week in a row. Market sources report that there is no upward or downward push on prices and ex-Japan scrap offers are expected to remain stable for now as steel demand in Vietnam has been on the low side.
This week, the Tokyo Bay FAS-based prices for H2 grade scrap have remained stable at JPY 43,000/mt ($274/mt), down by $5/mt on dollar basis. The FOB-based export price remains at JPY 44,000/mt ($281/mt) for the grade in question, down by $4/mt week on week.
The Tokyo Bay HS and shindachi grade scrap prices have moved sideways week on week at JPY 47,000/mt ($299/mt) FAS and JPY 46,500/mt ($296/mt) FAS, both down by $4/mt respectively.
$1 = JPY 156.69