Vietnam’s imported scrap market was mostly quiet with no major deals heard in the last few weeks. Lower bids continued to weigh down sentiments.
Meanwhile, imported scrap offers have seen a constant decline, but buyers are waiting for a clear market direction.
Furthermore, weak domestic market sentiments slowed down trade.
Japanese-origin H2 grade offers stand at $495-500/t CFR Vietnam levels, lower by $5-10/t against offers reported at the beginning of last week. Simultaneously bids for the same are comparatively lower at $475-480/t CFR levels.
Domestic scrap prices fall $17/t w-o-w: Ferrous scrap prices in Vietnam have dropped further by VND 400/t ($17/t), w-o-w, as per latest reports. The procurement prices of H1 and H2 grades are VND 11,000/kg ($478/t) and VND 10,700/kg ($465/t), respectively. Prices have fallen due to bearish sentiments in the market.
Semi-finish steel prices continue to downtrend: BF-route billets offers from the country decreased by $20/t on a w-o-w basis to $610/t FOB, according to SteelMint sources. No deals were heard to have been concluded this week.
Overview of other South East Asian markets
Imported shredded scrap offers into Thailand from Central America for shredded and HMS 1&2 (80:20) are at $480/t CFR and $430-440/t CFR Thailand.
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