Imported scrap offers to Vietnam continued with their uptrend on increased demand from end-users in both the domestic and overseas markets. Scrap buyers sustained their inquiries for imported scrap despite high offers. On the other hand, increased freight rates and container availability kept global scrap prices high.
Japanese H2 offers are now being cited at $550/tonne (t) CFR Vietnam levels, moving up by $10/t w-o-w. However, no deal was heard to have been concluded at these levels. Notably, the offers have increased significantly by around $50/t from the beginning of the month. In contrast, Japanese suppliers were actively trading in the domestic market at high prices.
The country, which successfully escaped the severe economic impact of the pandemic in 2020, is looking at increased GDP. With increasing infrastructure projects and labour mobility, there is recovery in the country’s economy.
Other SE market highlights
- Indonesia: Imported scrap offers for Australian PNS were at $545/t CFR Jakarta last week. Containerised HMS 1&2 (80:20) was offered at $505/t CFR Jakarta levels. Market sentiments remained slow.
- Thailand: The most preferred Central America-origin HMS 1&2 (80:20) has moved up by $10/t w-o-w and was quoted at $470/t CFR levels.
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