Import scrap offers to Vietnam have continued their upward trend this week as suppliers are citing increased freight costs and difficulties in collecting scrap. The lack of sufficient scrap in Japan as well as the ongoing effects of the war in the Middle East despite the ceasefire are impacting scrap prices, sources report.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have increased from the range of $395-400/mt CFR to $400/mt CFR. Market sources report no ex-US deal in Vietnam this week and said they are not sure whether this price is workable or not since it is too high. Workable levels for this grade are still in the range of $385-390/mt CFR, sources report.
Japanese H2 scrap offers to Vietnam have moved up slightly from $385/mt CFR to $385-390/mt CFR. Meanwhile, the sharp increase in the Kanto export tender is expected to have a positive impact on Japanese H2 scrap offers to Vietnam.
As SteelOrbis reported earlier today, April 10, the Tokyo Bay FAS-based price for H2 grade scrap stands at JPY 50,500/mt ($317/mt). The FOB-based export price remains at JPY 51,500/mt ($324/mt) for the grade in question. These prices are JPY 2,000/mt or $13/mt higher than last week.
