Ahead of the Tet (Lunar New Year) holiday which takes place on January 28-February 3, prices in Vietnam’s import scrap market have been moving down. Market sources report that ex-US scrap offers to the country are limited, while Japanese sellers and Vietnamese buyers are targeting different price levels. With the holiday starting next week, the pressure on import scrap prices is expected to increase.
Offers for Japanese H2 scrap to Vietnam have decreased over the past week by $5/mt on the lower end to around $310-315/mt CFR. Vietnamese buyers are now targeting levels lower than $310/mt CFR. However, Japanese suppliers are not inclined to accept these bids, with the Kanto tender having moved up and with Taiwan accepting a slight increase in prices.
Ex-US bulk HMS I/II 80:20 scrap offers to Vietnam have declined by $5-10/mt week on week to $340-345/mt CFR. There is a wide gap between the price ideas of US suppliers and Vietnamese buyers, market sources report.