Import scrap prices have fallen in Vietnam this week and customers have been cautious in purchases, mainly booking small volumes of scrap of different origins. The uncertainty surrounding billet and finished steel prices has restrained demand.
Offers for ex-Japan H2 scrap have lost $10/mt to $230-235/mt CFR Vietnam. There have been some deals at this level during the past week, though “buyers’ appetite is low, so tonnages are small,” a trader said. Prices for shindachi have been at $250-255/mt CFR Vietnam.
Offers for ex-US HMS I/II 80:20 have been at $245-250/mt CFR, also $10/mt down week on week. A small-volume deal has been concluded for this grade scrap by bulk this week.
“Billet prices are falling. Uncertainty is huge,” a source said. It is expected that prices will go down further as on Friday some negotiations have already been heard at $225/mt CFR Vietnam for ex-Japan H2 scrap.