Over the past week, Vietnam’s import scrap market has softened with offer prices moving down. Steel demand in Vietnam remains to be stagnated, causing Vietnamese mills to maintain a cautious stance against scrap imports.
The general range of ex-Japan H2 scrap offers to Vietnam has declined on the upper end over the past week from $320-335/mt CFR to $320-330/mt CFR. Market sources report that the workable levels for this grade have remained at $320-325/mt CFR this week.
Following the ex-US bulk HMS I/II 80:20 scrap deals done at $341/mt CFR last week, ex-US scrap offers for this grade are now at around $340-350/mt CFR Vietnam, softening a bit on the lower end.
Meanwhile, the Tokyo Bay FAS-based prices for H2 grade scrap have increased by another JPY 500/mt week on week to JPY 40,500/mt ($274/mt), up by $4/mt. The FOB-based export price remains at JPY 41,500/mt ($280/mt) for the grade in question, up by $3/mt week on week.
The Tokyo Bay HS grade scrap price has moved up by JPY 1,000/mt week on week to JPY 45,500/mt ($307/mt) FAS, up by $7/mt. Meanwhile, shindachi scrap price has been raised by JPY 500/mt to JPY 45,000/mt ($304/mt) FAS, up by $4/mt week on week.
$1 = JPY 148.01