Over the past week, Vietnam’s import scrap market has been characterized by slow trading. Market sources report that the scrap inventories of Vietnamese steel producers are on the high side, while steel demand is sluggish. As a result, Vietnamese buyers have maintained a cautious stance as regards buying in scrap stocks. While Japanese scrap prices have softened a little, ex-US scrap offers to Vietnam are stable.
The general range of ex-Japan H2 scrap offers to Vietnam has declined by $5/mt on the upper end to $320-325/mt CFR. Market sources report that the workable levels for this grade are now below $320/mt CFR.
Ex-US bulk HMS I/II 80:20 scrap offers are still at around $340-350/mt CFR Vietnam. Sources report that workable levels are at around $335-340/mt CFR.
Meanwhile, the Tokyo Bay FAS-based prices for H2 grade scrap have remained stable week on week at JPY 40,500/mt ($274/mt), unchanged on dollar basis. The FOB-based export price remains at JPY 41,500/mt ($280/mt) for the grade in question, sideways week on week.
The Tokyo Bay HS grade scrap price has also remained unchanged week on week, at JPY 45,500/mt ($307/mt) FAS, while the shindachi scrap price has declined by JPY 500/mt to JPY 44,500/mt ($301/mt) FAS, down by $3/mt week on week.
$1 = JPY 148.07