Vietnam’s import scrap market is still silent. Since Vietnamese buyers’ bids are on the low end, market players stated that it is hard to get material. Meanwhile, following yesterday’s Hyundai Steel bids for Japanese scrap, POSCO has also announced its bids today, May 12.
In the current week, Vietnamese mills have voiced their bids for Japanese bulk H2 scrap at $360/mt CFR, $30/mt lower than the offer levels recorded two weeks ago. For Japanese HS and shindachi grades, buyers’ price ideas are at around $405/mt CFR. SteelOrbis has learned that a Japanese supplier closed a deal to Vietnam for busheling scrap at $415/mt CFR yesterday, May 11.
As a result, the SteelOrbis reference prices for ex-Japan H2 scrap have declined by JPY 1,500 ($12/mt) on the lower end and by JPY 1,127/mt ($10/mt) on the upper end over the past week to JPY 46,300-47,173 ($344-350/mt) FOB. The lower end of the range represents the recent Hyundai Steel bid, while the higher end of the range reflects the Kanto tender’s price levels since there is a lack of deals coming out of Vietnam.
Vietnamese buyers’ bids for ex-Hong Kong HMS 50:50 scrap are also at $360/mt CFR. Two weeks ago, Vietnamese producers were receiving offers at $375-380/mt CFR.
Meanwhile, POSCO has shared its bids for Japanese HS, shindachi and shredded grades at JPY 53,500/mt ($397/mt) CFR, JPY 53,000/mt ($393/mt) CFR and 52,500/mt ($390/mt) CFR, respectively. With an average JPY 3,000/mt freight from Japan to South Korea, POSCO’s HS grade scrap prices are at JPY 50,500/mt ($375/mt) FOB, shindachi scrap prices are at JPY 50,000/mt ($371/mt) FOB and shredded scrap prices are at JPY 49,500/mt ($368/mt) FOB. Yesterday, May 11, Hyundai Steel’s bids for shredded and HS scrap were at JPY 49,300/mt ($364/mt) FOB and JPY 50,300/mt ($372/mt) FOB, respectively, with the exchange rate at JPY 135.36 to a dollar.
$1 = JPY 134.67