Imported scrap offers to Vietnam witnessed a sharp fall this week, following the collapse in the Japanese domestic scrap market last week, SteelMint learned from industry participants.
Japanese origin ferrous scrap offers to Vietnam drop by around USD 15-20/MT this week. Japanese H2 in bulk are presently being offered at USD 250-252/MT CFR Vietnam, against USD 270-272/MT CFR during opening of the previous week. By the latter half of last week, few H2 bookings getting negotiated at USD 260-262/MT, however by the closing of the week, offers had dropped to USD 250-253/MT with a booking confirmed at USD 250/MT CFR South Vietnam.
Higher grades witnessed an even sharper plunge in prices. HS scrap was reportedly sold at USD 260-262/MT CFR Vietnam later last week, against USD 284/MT during the opening of the last week and USD 290-291/MT offers in the week prior to that.
Shindachi scrap in bulk is currently being bid at sharply lower level of USD 263-265/MT CFR Vietnam, against USD 302-303/MT CFR levels two weeks ago, falling by over USD 35/MT in 2 weeks.
USA origin HMS 1&2 (80:20) in bulk offers too have moved down by around USD 10/MT and currently stand at around USD 270/MT CFR Vietnam. However, considering the recovery in Turkish imports, the US origin prices are likely to rebound again in the coming weeks.
Leave a Reply