Ahead of the Lunar New Year holiday on January 28-February 3, Vietnamese mills’ appetite for import scrap has not recovered much. Amid the lack of steel demand and slower industrial production, Vietnamese buyers’ price ideas are different from those of sellers. According to local media, “The Ministry of Natural Resources and Environment has issued national technical regulations on imported scrap materials used as raw materials for production.” The new regulations are to take effect in July 2025 and will not only impact ferrous scrap but also plastic, paper, glass and other recyclable materials.
Offers for Japanese H2 scrap to Vietnam have decreased over the past week by $5/mt on the upper end to around $315/mt CFR. Buyers’ bids are still at $310/mt CFR and below.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have increased by $5/mt on the lower end to $350/mt CFR. Vietnamese mills’ ideas of a workable level for this grade are approximately $10/mt lower than offers. Market sources report that Vietnamese buyers are showing interest in containerized material instead of bulk cargoes.
Meanwhile, Tokyo Bay FAS-based prices for H2 grade scrap are still at JPY 40,000/mt ($257/mt), with the dollar-based price up $1/mt week on week. This level shows that FOB prices are now at JPY 41,000/mt ($263/mt) for this grade.
Tokyo Bay HS grade scrap prices still stand at JPY 45,500/mt ($292/mt) FAS, $2/mt higher week on week. However, shindachi scrap quotations have increased by JPY 1,500/mt to JPY 46,000/mt ($295/mt) FAS, up $9/mt week on week.
$1 = JPY 155.72