Prices for imported scrap in Vietnam have not changed much compared to last week’s levels, though buyers have still been asking for discounts, taking into account weaker sentiment in the Turkish scrap market and lower billet prices in Vietnam.
A contract for 30,000 mt of ex-US HMS I/II 80:20 scrap by bulk has been closed at $307/mt CFR this week, according to sources, which is in line with the $305-310/mt CFR indication last week, according to SteelOrbis. But it was much lower compared to a previous deal reported at $318/mt CFR on September 18. “Offers were mostly at $310/mt CFR, so this [a deal at $307/mt] is reasonable for both sides,” a trading source said.
At the same time, the latest deals for Japanese H2 scrap, signed mostly last week, were heard at $295-297/mt CFR, slightly above the previous level at $292-295/mt CFR. Nevertheless, some bids have still been at $290/mt CFR, indicating weak market sentiment. “Billet prices are weak. We expect a further drop,” a Vietnam-based source said.