Over the past week, Vietnam’s import scrap market has stabilized in terms of prices, while Vietnamese buyers are cautious amid this stabilization, with some reporting that freight from Japan to Vietnam is also moving up, supporting prices. “Scrap prices may have some room to increase as rebar demand in the country is balanced with construction activities continuing,” a source reported.
This week, ex-Japan H2 scrap deals to Vietnam have been concluded at $320/mt CFR and slightly above, market sources report. Current offers from Japan to Vietnam are still at $325/mt CFR. Vietnamese buyers have shared their bids for HS grade at $340/mt CFR. According to a Japanese source, “The $10/mt price gap between sellers’ and buyers’ prices is making it difficult for deals to be concluded.”
Ex-US bulk HMS I/II 80:20 scrap offers are still at around $340-350/mt CFR Vietnam. Source report that workable levels are at around $335-340/mt CFR.
Meanwhile, the Tokyo Bay FAS-based prices for H2 grade scrap have remained stable week on week at JPY 40,500/mt ($271/mt), down by $3/mt on dollar basis. The FOB-based export price remains at JPY 41,500/mt ($277/mt) for the grade in question, down by $3/mt on US dollar basis week on week.
The Tokyo Bay HS grade scrap price has also moved down by $3/mt week on week to JPY 45,500/mt ($304/mt) FAS, while the shindachi scrap price has remained at JPY 44,500/mt ($397/mt) FAS, down by $4/mt on US dollar basis week on week.
$1 = JPY 149.72
