Despite decline in offers, trades remain absent and it seems that buyers have turned cautious for further scrap purchase.
Vietnam witnessed a drastic fall in imported scrap offers from all major origins this week, with market participants surprised over prices collapsing below 2 months low levels.
Japanese origin ferrous scrap offers to Vietnam have come down sharply by around USD 10/MT this week, in line with the falling Japanese domestic scrap prices as well as export offers to overseas buyers. Japanese H2 in bulk is being offered at USD 270-272/MT CFR South Vietnam, against USD 280-282/MT CFR during opening of this week, while present offers to North Vietnam stand USD 275-278/MT CFR. Amid sharp collapse in prices, no major bookings were concluded this week.
Higher grade scrap offers too dropped significantly over the week, with HS scrap in bulk being offered at USD 292/MT CFR Vietnam and Shindachi scrap at USD 302-303/MT CFR, from USD 310-312/MT levels last week.
Similarly, due to continued decline in global offers after plunge in Turkey deal, USA origin HMS 1&2 (80:20) offers too have come down by over USD 10-15/MT and currently stand at around USD 280/MT CFR Vietnam. No bookings were reported to conclude to Vietnam in the recent days as buyers watch the trend and wait for offers to settle.
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