After the Tet holiday on January 28-February 3, Vietnam’s import scrap market has moved up. While trading has not recovered fully in Vietnam after the holiday, market sources think the market has further potential to move up.
Offers for Japanese H2 scrap to Vietnam have moved up by $5/mt to around $315-320/mt CFR. Despite the increase in offers, Vietnamese buyers’ workable price levels for this grade are still at around $310/mt CFR.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have also increased by $5/mt week on week, to $345-350/mt CFR.
Tokyo Bay FAS-based prices for H2 grade scrap are currently at JPY 39,500/mt ($260/mt), with a rise in dollar-based prices of $5/mt. The Japanese yen-US dollar exchange rate has changed from $1 = JPY 156.64 to $1 = 152.16 since January 6. This level indicates that FOB prices are now at JPY 40,500/mt ($266/mt) for this grade, up $4/mt on US dollar basis.
Tokyo Bay HS grade scrap prices are still at JPY 45,500/mt ($299/mt) FAS, $9/mt higher as compared to January 6. During the same period, shindachi scrap quotations have remained stable at JPY 45,000/mt ($296/mt) FAS, up $9/mt on US dollar basis.