Import scrap offers shared with Vietnamese buyers have remained relatively stable over the past week. Ex-US scrap quotations have moved sideways with the support of the Thanksgiving holiday, while Japanese sellers have softened their offers to Vietnam. Vietnamese buyers are more inclined to focus on cheaper alternatives, market sources report, while the rebar market in the country has been negatively impacted by the recent floods.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have remained unchanged this week in the range of $350-355/mt CFR. Sources report that bids from Vietnamese buyers are still at around $340/mt CFR, though workable levels for this grade are believed to be a little higher than bids as ex-US scrap offers have successfully maintained their strength over the past month, especially after the sales done to Turkey from the US West Coast.
Vietnam’s Japanese H2 scrap purchases were closed at $325/mt CFR over the past week, but late this week offers from Japan have softened a little from $330/mt CFR to $325-330/mt CFR. Buyers are bidding at $320/mt CFR for this grade, though the workable levels for H2 scrap are now considered to be in the range of $320-325/mt CFR.
