Similar to the general trend in the Asian market, Vietnamese buyers’ ideas for import scrap has also decreased over the past week.
Japanese suppliers’ offers for bulk H2 grade scrap have moved down from the $560-565/mt CFR recorded last week to $520-525/mt CFR. There are no bids reported from Vietnamese buyers, but some of them voiced indications at $510/mt CFR for this grade. There is a significant pressure on Japanese scrap suppliers in the Asian markets, aggravated by the lower quotations in the Japanese domestic market.
“Prices in Southeast Asia are dropping and due to the big decrease in China our Vietnamese market is being affected. It is difficult to sell billets and steel products, and most scrap buyers continue to wait and see,” a source commented.
Also, from the US West Coast, offers for bulk HMS I/II 80:20 scrap are at around $550/mt CFR, down by about $10/mt from last week, while buyers think that workable levels are more likely at around $530/mt CFR.
Ex-Hong Kong offers for HMS 1/2 50:50 scrap are in the range of $520-540/mt CFR Vietnam.