Trading in Vietnamese market remains slow. Market players report that there are not many transactions or deals in terms of scrap. A Vietnamese source said that Vietnamese mills are running with low capacity, “around 30-40 percent only”. The same source said, “Vietnamese real estate market is still frozen, demand for construction steel is weak. Chinese HRC is very competitive and there are a lot of offers from China to Vietnam. So flat steel performance is also bad”. Under the current circumstances not many import scrap deals have been heard in Vietnam.
This week, containerized HMS I/II 80:20 offers have increased to $384-390/mt CFR Vietnam, lower end represents ex-EU offers and upper end represents ex-US offers. However, Vietnamese buyers’ bids are still standing at around $370/mt CFR.
Late last week, a small bulk HMS 50:50 scrap cargo was bought by Vietnamese buyers from Hong Kong at $370/mt CFR. Before the Japanese holiday, H2 offers to Vietnam were standing at $375/mt CFR, shindachi at $415/mt CFR, without any deals done at these levels yet.