Imported scrap prices continued to dip in Feb’21. Prices are likely to stabilise after Chinese New Year – 16th -26th Feb. However, limited trades are happening at lower levels.
Vietnam– Imported scrap prices to Vietnam have dropped further towards the closing of the last week. Fresh offers for Japanese H2 is being quoted at $385/t CFR basis. Due to COVID-19 resurgence in Vietnam, scrap buyers remain cautious about making fresh bookings as market activities have slowed down.
SteelMint assessment for Japanese H2 bulk offers stands at $380-390/t CFR Vietnam basis, down by $20-30/t w-o-w.
Indonesia– A small number of deals were concluded last week because permits of many mills would be expiring in Mar’21, sources have confirmed to SteelMint. Industry participants consider that there is room for more fresh bookings for Feb’21 end shipment.
Indicative price offers (in 20 ft container)-
- PNS: $420-430 /t CFR Jakarta, registering a sharp fall of $30 w-o-w
- Busheling: $430-440/t CFR Jakarta
- HMS1: $410-420/t CFR Jakarta
- Shredded 211: $410/t CFR Jakarta
Thailand– Central American HMS 1&2 (80:20) offers have slipped further and currently stands at $360-365/t CFR Thailand level, down by $10-15 w-o-w. Market participants highlighted that no bulk bookings were made recently.
Ferrous scrap imports up in Dec’20– The country’s scrap imports witnessed hike of 28% m-o-m to 0.13 mn t in Dec’20 as compared to 0.11 mn t a month ago. Japan continued to be the largest scrap exporter to Thailand as it exported 22,481 t of scrap, up by 52% m-o-m, followed by Australia and US, as per customs data maintained with SteelMint.
Thai automotive production falls in CY’20-1,426,970 units were produced in CY’20, witnessing a significant drop of 29 % y-o-y. However, the country’s passenger and commercial car sales have moved up by 31% m-o-m in Dec’20, according to the FTI (Federation of Thai Industries).
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