With the holiday season starting in the US, Vietnam’s import scrap market has declined further in terms of ex-Japan prices. Market sources report that even number of ex-Japan offers are on the low side. Some market sources report that activity in the import scrap market may remain slow until the Chinese New Year.
Offers for Japanese H2 scrap to Vietnam have decreased over the past week by approximately $10/mt further to $320-325/mt CFR. Buyers’ bids are now at around $315-320/mt CFR, showing the gap between buyers and sellers’ price ideas is shrinking.
Ex-US bulk HMS I/II 80:20 scrap offers disappeared in the market amid the holidays. The most recent offers for this grade were at around $350/mt CFR last week. Vietnamese mills’ ideas of a workable level for this grade were approximately $5/mt lower than the offers.