Over the past week, Vietnam’s import scrap market has remained relatively strong with prices gaining some ground. Both ex-US and ex-Japan scrap prices have indicated increases and Vietnamese buyers’ bids are rising. “September and October are peak seasons for Vietnam as well as China,” a source commented. This may lead Vietnamese producers to show more interest in import scrap. On the other hand, a Japanese source stated, “The Japanese scrap export market remains relatively muted due to weak demand in the seaborne markets. No export deals were confirmed as the price gap between suppliers and customers is wide. The weak billet market also adds to the weak sentiment among customers, prompting them to adopt a more cautious stance about scrap procurement.”
The general range of ex-Japan H2 scrap offers to Vietnam has widened over the past week from $320-330/mt CFR to $320-335/mt CFR. Market sources report that the bids received from Vietnamese buyers have moved up to $320-325/mt CFR this week.
Meanwhile, Vietnamese buyers have concluded ex-US bulk HMS I/II 80:20 scrap deals at $341/mt CFR this week, managing to drop prices by $1-3/mt week on week. Ex-US scrap offers for this grade are now at around $345-350/mt CFR Vietnam.
Meanwhile, the Tokyo Bay FAS-based prices for H2 grade scrap have increased by JPY 500/mt week on week to JPY 40,000/mt ($270/mt), up by $1/mt. The FOB-based export price remains at JPY 41,000/mt ($277/mt) for the grade in question, up by $2/mt week on week.
The Tokyo Bay HS grade scrap price has moved down by JPY 500/mt week on week to JPY 44,500/mt ($300/mt) FAS, down by $6/mt. Meanwhile, shindachi scrap price has remained stable at JPY 44,500/mt ($300/mt) FAS, down by $2/mt week on week.
$1 = JPY 148.09