SE Asia’s leading imported scrap buyer, Vietnam, witnessed a slow down in buying inquiries due to a week-long holidays on account of Tet Festival. Price indications for bulk Japanese H2 were heard at $510-515/tonne (t) CFR levels.
The market has remained quiet and may reopen after a week, as per local sources.
Amidst the global price hike, Vietnam mills had lifted billets export offers towards the closing of last week. BF-route billets export offers from the country stood at $640/t, FOB, up by around $20/t, w-o-w.
Vietnam’s ferrous scrap imports were recorded at 5.67 million tonnes (mnt) in CY’21 (Jan-Dec’21), down 3% y-o-y vis-a-vis 5.85 mnt seen in CY’20. The volumes fell mainly due to Covid-induced lockdown restrictions and bid-offer disparities. According to the Vietnam Iron and Steel Association (VSA), the country’s finished steel production is expected to reach 33 mnt in 2021, a y-o-y increase of 19%, while sales are expected to increase 16% y-o-y to 29 mnt.
Other SE Asian markets overview:
- Imported scrap offers into Thailand up $10-15: Central America-origin HMS 1&2 (70:30) offers have moved up further by $10-15/t w-o-w to $430-435/t CFR. Australia-origin HMS 1&2 (80:20) offers stand at $485/t CFR basis, while shredded from the same origin is available at $515/t CFR levels.
- Limited trade from Indonesia: Indonesia’s ferrous scrap imports market too witnessed limited trading activities. Price indications for Singapore-origin PNS were assessed at $525/t CFR Jakarta towards the middle of last week.
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