Imported scrap trades to Vietnam continued to move up for yet another week as decent trades were reported. Offers from Japan as well as nearby origins like Hong Kong have increased, while few Vietnamese steel mills were reported to be preferring to procure local billets as a cheaper alternative amid increasing imported scrap offers.
Offers for Japanese H2 scrap in Bulk shipments stood range-bound, from USD 270/MT CFR for South Vietnam up to USD 275-276/MT CFR North Vietnam, while bids from steelmakers were heard at around USD 270/MT CFR. Japanese H1/H2 scrap was offered at USD 285/MT while other higher quality grades like Bushelling and HS scrap were reported at USD 305/MT and USD 310/MT CFR Vietnam respectively.
Few bids from mills in North Vietnam for H1/H2 and Bushelling stood slightly lower than the present offers and were reported at around USD 280/MT and USD 300/MT CFR respectively.
USA origin bulk scrap offers too witnessed an uptrend in the recent week. Offers for HMS 1&2 (80:20) from USA in bulk vessels have inched up to USD 280/MT CFR. Rise in US offers over the last month have led to buyers’ preference shifting further towards Japanese scrap, while low prices of domestic billet has provided another alternative for Vietnamese steelmakers amid the current rising global scrap market.
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