Vietnam: Ferrous Scrap Imports Drop by Half in Feb’18

After witnessing highest monthly scrap imports in Jan’18 since last five years, ferrous scrap imports to Vietnam fell 50% M-o-M in Feb’18 amid high global scrap prices.

Vietnam – one of the world’s fastest emerging steel market has recorded 50% M-o-M fall in its monthly scrap imports in Feb’18 as against imports in Jan’18.

As per recently released customs data, Vietnam has imported 0.25 MnT ferrous scrap in Feb’18 which has drooped to half on M-o-M basis as against 0.50 MnT ferrous scrap imports in Jan’18.

On yearly premises, ferrous scrap imports to Vietnam fell 26% Y-o-Y in Feb’18 as against 0.34 MnT ferrous scrap imports in Feb’17.

During first two months of CY18, Vietnam imported 0.75 MnT ferrous scrap recording rise of 27% Y-o-Y as against 0.59 MnT ferrous scrap imports during Jan-Feb’17.

Vietnam witnessed fall in scrap imports in Feb’18 over significant fall in scrap exports from United States (-50% M-o-M), Hong Kong (-33% M-o-M), Australia (-86% M-o-M) and New Zealand amid high global scrap prices, tightened supply and slowdown in activities during Tet Holidays in Vietnam.

Japan remained largest scrap supplier to Vietnam in Feb’18 – Japan remained largest ferrous scrap exporter in Feb’18 occupying 48% share in total ferrous scrap imports to Vietnam. Japan supplied 0.12 MnT ferrous scrap which declined marginally by 8% M-o-M as against 0.13 MnT in Jan’18.

United States ferrous scrap exports fell 50% in Feb’18 to Vietnam – In Feb’18, United States ferrous scrap exports fell 50% M-o-M to 0.07 MnT as against 0.14 MnT in Jan’18. United States remained second largest exporter in Feb ’18. Followed by other major exporters like Hong Kong (0.04 MnT, -33% M-o-M), Australia (0.01 MnT, -86% M-o-M) and Philippines (0.01 MnT, -67% M-o-M) respectively in Feb’18.

During Jan-Feb’18, Japan exported highest (0.25 MnT, +4% Y-o-Y) ferrous scrap followed by United States (0.21 MnT, +75% Y-o-Y), Hong Kong (0.10 MnT, +11% Y-o-Y) and Australia (0.07 MnT, +75% Y-o-Y) respectively as against the ferrous scrap imports during same time period of last year. While other major exporters were New Zealand, Chile and Singapore respectively.

Vietnam’s crude steel production increased 22% in Jan’18 – According to World Steel Association, the country witnessed 22% M-o-M increase in crude steel production in Jan’18. As against 0.875 MnT crude steel production recorded in Dec’17, the country produced 1.065 MnT crude steel in Jan’18.

Country-wise Vietnam ferrous scrap imports –

Quantity In MnT,
Source: SteelMint Stats