Vietnam’s demand for import scrap has continued to slow down this week as the rainy season in the country is negatively impacting the steel sector. Demand in the local steel market has remained on the low side, leading scrap buyers to remain cautious. Meanwhile, Japanese scrap prices are issuing weaker signals as demand remains sluggish both in the local and export markets.
Over the past week, offers for Japanese H2 scrap to Vietnam have remained stable at $320-325/mt CFR. Vietnamese buyers’ workable price ideas for this grade remain at $315-320/mt CFR, market sources report.
Meanwhile, ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have moved down by another $10/mt to around $335/mt CFR. Some market sources even report offers for this grade at $330/mt CFR.
The Tokyo Bay FAS-based prices for H2 grade scrap are still at JPY 41,000/mt ($284/mt), stable week on week. The FOB-based export price remains at JPY 42,000/mt ($291/mt) for the grade in question, again moving sideways on dollar basis.
The Tokyo Bay HS grade scrap price has remained stable week on week at JPY 45,000/mt ($312/mt) FAS, with the shindachi scrap price at JPY 44,500/mt ($308/mt) FAS, both remaining unchanged over the past week on dollar-basis.
$1 = JPY 144.36
