Vietnamese buyers have accepted a slight increase for Japanese origin H2 grade scrap this week, while offers from the US have declined by $5/mt week on week. Market sources report that Vietnam’s current steel-scrap price spread does not give much room for an increase in scrap prices, while Vietnamese buyers are expected to remain cautious in the coming period.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have moved up by $3/mt on the upper end as compared to April 30 to $400-405/mt CFR. This level is $5/mt lower than last week’s offers for Vietnam, sources reported. Workable levels for this grade are still in the range of $395-400/mt CFR, sources added. Ex-Japan HS grade scrap offers to Vietnam are at $435/mt CFR, Japanese players reported.
Japanese H2 scrap offers were at $405-410/mt CFR this week. A source reports that the actual price for this grade now stands at $390/mt CFR, increasing by $5/mt week on week.
Meanwhile, according to sources, Vietnam has bought a cargo from Australia, with the price at $400/mt CFR this week.
In the current week, the Tokyo Bay FAS-based prices for H2 grade scrap have been at JPY 53,000/mt ($334/mt). The FOB-based export price remains at JPY 54,000/mt ($340/mt) for the grade in question.
The Tokyo Bay HS grade scrap prices are at JPY 57,000/mt ($359/mt) FAS, while shindachi grade scrap quotations are at JPY 58,000/mt ($365/mt) FAS.
$1 = JPY 158.70
