The downtrend of Vietnam’s import scrap market has continued this week as sentiment in the international scrap market has mostly remained negative. Market sources report that the fluctuating exchange rates against the US dollar are also not helping Vietnamese buyers or the suppliers in Japan.
Over the past week, offers for Japanese H2 scrap to Vietnam have declined by $5-7/mt to $325-328/mt CFR. Bids from Vietnamese buyers are approximately $10-15/mt lower than the offers. Market sources report that Japanese shredded scrap offers to Vietnam are at around $345/mt CFR.
Over the past week, ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have moved down to $330-340/mt CFR.
As compared to March 21, the Tokyo Bay FAS-based price for H2 grade scrap has declined by JPY 500/mt to JPY 41,500/mt ($287/mt), down by $11/mt. The FOB-based export price is now at JPY 42,500/mt ($294/mt) for the grade in question, down by $12/mt.
The Tokyo Bay HS grade scrap price now stands at JPY 46,000/mt ($318/mt) FAS, down by JPY 1,000/mt or $16/mt as compared to March 21. The shindachi scrap price has also been cut, by JPY 1,000/mt or by $14/mt to JPY 45,500/mt ($314/mt) FAS.
$1 = JPY 144.48