Vietnam’s import scrap market has moved down slightly over the past week. SteelOrbis understands that cheaper billet alternatives are exerting pressure on the market prices. In particular, the number of offers from Japan has been limited as Japanese exporters are waiting to see the result of the Kanto scrap export tender due to be held next week. US President Trump’s reciprocal tariffs have hit Vietnam strongly with a 46 percent duty rate, one of the highest rates on the list. According to Reuters, “Vietnam, slapped with 46 percent tariffs, called for talks with Washington in order to reconsider "unfair" US duties.” As previously reported by SteelOrbis, some companies which tried to avoid US tariffs for China had moved to Vietnam as well as to other countries in the region before Trump’s new term.
Over the past week, offers for Japanese H2 scrap to Vietnam have moved down another $5/mt over the past week to $330-340/mt CFR. Bids from Vietnamese buyers are $5-7/mt lower than the offers.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have moved down by $5/mt over the past week to $365-370/mt CFR.