Vietnam’s demand for imported scrap has continued to slow down this week. This decline in import scrap demand is interpreted as seasonal and has been reflected slightly in the offers shared with Vietnam.
Over the past week, offers for Japanese H2 scrap to Vietnam have remained stable at $320-325/mt CFR. However, Vietnamese buyers have dropped their workable levels again and now they are bidding at around $10/mt lower than sellers’ offers.
Meanwhile, ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have moved down by $5/mt to around $345/mt CFR. Market sources report that the decline in the US segment is related to the weakness of Japanese scrap quotations.
The Tokyo Bay FAS-based prices for H2 grade scrap are still at JPY 41,000/mt ($284/mt), up by $3/mt on dollar basis. The FOB-based export price remains at JPY 42,000/mt ($291/mt) for the grade in question, again up $3/mt, as the Japanese yen appreciated slightly against the US dollar.
The Tokyo Bay HS grade scrap price has remained stable week on week at JPY 45,000/mt ($312/mt) FAS, while the shindachi scrap price is at JPY 44,500/mt ($308/mt) FAS, both moving up by $3/mt week on week.
$1 = JPY 144.39