The import scrap market in Vietnam has remained slow this week with buyers focusing only on limited purchases of containerized scrap, the prices of which are the lowest at the moment. Buyers have been ignoring bulk scrap of all origins, seeing its offers are increasing and the fundamentals in the local market are not allowing them to accept this rise.
Some small-volume deals for HMS I/II 80:20 in containers have been reported at $370/mt CFR, as this was the lowest price in the market. “The market is very slow, only small container deals are done… Buyers are still targeting much lower for bulk, without any deals,” a local source said.
At the same time, offers for ex-Japan H2 scrap have increased to $390-400/mt CFR, while last week prices about $10/mt lower were available in the market. Nevertheless, buyers’ bids are still low, at least $20/mt below current offers.
Suppliers have also hiked ex-Hong Kong HMS 50:50 scrap offers by $5-10/mt since last week to $380-390/mt CFR, but bids have not improved much from the previous $350-360/mt CFR levels.
Offers from the US West Coast for bulk HMS I/II 80:20 scrap have added $15/mt over the past week to $410-415/mt CFR, with most market sources agreeing this rise will not be accepted.