Vietnam scrap market has resumed mid of last week, after the Tet holidays. Limited offers were reported for Japanese scrap as market activities remained slow. Japanese scrap offers were slightly up after Tet holidays on low availability of scrap and increasing demand.
- SteelMint’s assessment for Japanese H2 bulk offers stands at $430/t CFR Vietnam basis, up by $12/t w-o-w. Around 5,000 t of Japanese H2 have been booked by the Vietnamese steel mill, towards the closing of last week.
- Bulk USA origin HMS 1&2 (80:20) to Vietnam is now being quoted at $440/t CFR level, up considerably by $10/t w-o-w.
Market insiders believe that prices are likely to remain on higher side for the next few weeks. Buyers would continue their buying in small quantities, SteelMint understands.
On the back of hike in global scrap prices, Vietnam’s local scrap prices too have increased by VND 200/kg basis, and currently, H1 grade stands at VND 8900/kg, whereas H2 at VND 8600/kg levels.
Buyers hesitant to book cargoes in Indonesia– Indonesian market was quiet last week, after the CNY holidays, as mills were hesitant to book fresh material on increasing prices every day. Buyers’ bid is lower by $15-20 than current offers.
Recent indicative offers-
- PNS- $445/t CFR Jakarta
- Busheling- $450/t CFR Jakarta
- Blue steel- $460/t CFR Jakarta
Imported scrap trades in Thailand slow down on hike in offers- Imported scrap trades in Thailand have slowed down last week on hike in scrap prices. Steel mills were cautious in booking fresh cargoes in this fluctuating market and no confirmed bulk bookings were heard in a week’s time. Central America HMS 1&2 (80:20) was at $360/t CFR Thailand basis, witnessing a hike of $10-15/t w-o-w.
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