Vietnam’s import scrap prices have followed diverse trends. While Japanese suppliers have increased their offer prices to Vietnam over the past week, US-based suppliers have reduced their offer prices. Market sources report that interest in bulk offers is limited in Vietnam, which may result in a stronger appetite for Japanese scrap. According to local news agencies, “US Trade Representative Jamieson Greer told Vietnam's top trade official his country must improve the trade balance between the two countries and further open up its markets. Industry and trade minister Nguyen Hong Dien, in a meeting on Thursday in Washington with Greer, said his government is weighing the removal of ‘trade barriers’ for American companies and will crack down on export fraud, according to a statement on the ministry’s website.”
Over the past week, offers for Japanese H2 scrap to Vietnam have moved up by $10/mt to $335-340/mt CFR this week. Despite higher offers from Japan following the rises seen in the Kanto scrap export tender, Vietnamese buyers are reluctant to accept the new levels.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have moved down by $5/mt on the upper end to $360-365/mt CFR, settling back to the range recorded two weeks ago. No deal for bulk has been heard this week, market sources reported.