Following the holidays in Vietnam, the import scrap prices in the country stabilized. Market sources report that the lack of demand in the local Japanese scrap market is limiting Japanese sellers’ ability to push for higher levels to exports. The JPY 899/mt drop recorded in the Japanese Kanto scrap export tender has not helped the situation. Vietnam’s scrap demand is expected to recover in the coming days and give room to suppliers to keep their stance strong in terms of prices. The slow recovery in the international scrap markets is supporting the firm stance.
Over the past week, offers for Japanese H2 scrap to Vietnam have remained stable at $325-328/mt CFR. Bids from Vietnamese buyers are approximately $8-10/mt lower than the offers.
Over the past week, ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have remained stable at $330-340/mt CFR.
