Vietnam’s import scrap prices have remained stable over the past week, even though some lower-than-expected levels were recorded, these were considered one-time opportunities for now. As SteelOrbis mentioned last week, Vietnamese steel and scrap markets had little to no room for further increases amid uncertainties surrounding export markets. With prices in China dropping in the current week, contributing to slower-than-expected demand in the construction sector, Vietnamese buyers are expected to show resistance to any attempts to raise scrap prices.
SteelOrbis has learned that Vietnam has bought several ex-USWC cargoes, and the bulk HMS I/II 80:20 scrap price was in the range of $394-398/mt CFR, very close to the levels that were expected to be workable last week at $395-400/mt CFR. The lower end of the deal was explained by “financial issues”. According to market sources, some US-based suppliers were surprised by the lower end of the deal prices.
According to sources, Vietnam’s ex-Japan H2 grade scrap procurement prices remained at $390/mt CFR, moving sideways week on week.
In the current week, the Tokyo Bay FAS-based prices for H2 grade scrap have remained at JPY 53,000/mt ($333/mt), down by $1/mt considering the fluctuating Japanese yen-US dollar exchange rate. The FOB-based export price remains at JPY 54,000/mt ($339/mt) for the grade in question, down by $1/mt week on week.
The Tokyo Bay HS grade scrap prices have increased by JPY 500/mt or $2/mt to JPY 57,500/mt ($361/mt) FAS, while shindachi grade scrap quotations are still at JPY 58,000/mt ($365/mt) FAS.
$1= JPY 159.09
