Vietnam – one of the largest ferrous scrap importers of South East Asia, witnessed an uptick in its ferrous scrap imports. Imports moved up by 13% m-o-m in Jul ’20. The country imported 0.48 mn t in Jul ’20 as against 0.42 mn t in Jun ’20 as per customs data maintained with SteelMint.
On yearly premises, import volume has moved up slightly 4% y-o-y from 0.46 mn t during the same month in the previous year.
Increased crude steel output resulted in higher scrap purchase. Vietnam’s crude steel output increased from 1.9 mn t in Jun ’20 as compared to 2.15 mn t in Jul ’20.
Vietnam’s scrap import from US rose sharply in July- On a monthly basis, imports from US increased sharply by 83% to 91,523 t as mills shifted preference in booking more bulk US cargoes owing to high Japanese scrap offers over tight availability. Monthly average Japanese H2 scrap import prices in Vietnam increased sharply from $250/t CFR in May ’20 to $270/t CFR in Jun ’20.
Although Japan remained the largest scrap exporter with 54% of share in total scrap imported to Vietnam. The country imported 0.26 mn t in Jul ’20 from Japan as compared to 0.24 mn t in Jun ’20.
Leave a Reply