Import scrap prices in the Vietnamese market have increased this week as major suppliers have cut offer volumes. Overall demand has been weak as customers have been waiting for a clearer trend.
Offers for ex-Japan H2 scrap have increased by $5-10/mt from the previous deals to $255-260/mt CFR. However, this level is just $5/mt up on the lower end of the range of offers last week. Most suppliers are bullish but, taking into account the weak response from buyers, have decided not to increase prices very fast. Offers from all major Japanese suppliers to South Korea have been at JPY 24,000/mt ($214.6/mt) FOB and above, while the last deals were done at JPY 22,000/mt ($197/mt) FOB, as SteelOrbis reported last week.
Nominal prices for ex-US HMS I/II 80:20 have added $5/mt to $265-270/mt CFR, but a lack of firm offers have been heard in the market. Suppliers have been ready to officially offer at $280-290/mt CFR Vietnam, which has been out of the range of interest of buyers, who have recently bought a number of cargoes of cheap ex-Japan scrap.