Imported scrap trade in Vietnam remained mostly absent last week amid less demand for finished steel on rising Covid cases. On the other hand, imported scrap offers from Japan inched down. Furthermore, a discrepancy in bids and offers remained a major issue, resulting in lesser number of trades in the last few weeks.
Japanese scrap offers for H2 remained at $495/t CFR Vietnam levels, down by $5. However, no fresh deal has been heard at this level.
- Domestic scrap prices remain firm: Ferrous scrap prices in Vietnam remained firm for yet another week. The current purchase price for H1 scrap is at VND 10,700/kg ($460) and VND 10,400/kg ($450) is the price set for H2 grade scrap.
- Vietnam’s billet export prices fall further by $5 w-o-w: BF-route billet offers from the country inched down by $5/t, on a w-o-w basis, amidst the volatile rebar futures market. According to SteelMint sources, BF-route offers are at $645/t FoB.
Indonesia’s scrap import market remains quiet: The imported scrap market in Indonesia largely remained quiet last week, as offers were at higher levels. Imported scrap offers stand at $510-515/t CFR levels, registering a decline of $5 w-o-w. Less demand for steel led to a slowdown in imported scrap bookings.
Weaker steel demand limits imported scrap trade in Thailand: Offers for Central American- origin HMS 1&2 (80:20) is being cited at $400/t CFR Thailand levels, down by $15-20/t w-o-w. Due to the increase in Covid cases labour shortage remains a major concern, which has affected construction activities for the last 30 days or so. In turn, this has impacted rebar demand in the country and hence mills preferred to go for domestic scrap rather than booking imported, said a source.
Leave a Reply