Vietnamese buyers have accepted a price increase in their ex-US scrap bookings, while they took a step back from the market especially in late April due to holidays in Vietnam, including the Hung Kings' Commemoration Day (approx. April 25-27) and the Reunification Day/Labor Day holidays (April 30-May 3). Vietnamese producers’ demand for scrap was lively before the holidays, while Japanese scrap suppliers have been increasing their offers to the country.
SteelOrbis has learned that an ex-US bulk HMS I/II 80:20 scrap deal by a Vietnamese buyer was closed at $405/mt CFR.
With only a few offers to Vietnam, Japanese H2 scrap offers have been at $400-402/mt CFR, up from $385-390/mt CFR recorded on April 17. SteelOrbis hears that Vietnamese producers’ target prices for this grade are $5/mt lower than sellers’ targeted levels.
In the current week, the Tokyo Bay FAS-based prices for H2 grade scrap have been at JPY 52,500/mt ($335/mt), JPY 2,000/mt or $18/mt higher than the levels recorded on April 10. The FOB-based export price remains at JPY 53,500/mt ($342/mt) for the grade in question.
The Tokyo Bay HS grade scrap prices are at JPY 56,500/mt ($361/mt) FAS, while shindachi grade scrap quotations are at JPY 57,500/mt ($367/mt) FAS.
$1 = JPY 156.47
