Vietnam, a major buyer of ferrous scrap in South East Asia, recorded imports at 321,170 tonnes (t) in September vis-a-vis 280,714 t in August, up 14 % m-o-m. The country’s scrap imports increased despite weak demand from end-users in the beginning of the month. However, due to depreciation of the Yen against the USD, imports from Japan improved.
On a yearly basis, the country’s imports fell 9 % from 348,154 t in September 2021.
Similarly, total imports in the first nine months of 2022 stood at 2.95 million tonnes (mnt), a decrease of 33% compared to the corresponding period of last year.
Country-wise data
- Japan major exporter: Japan was the top supplier to Vietnam at 123,515 t in September as against 121,196 t in the previous month, up 2% m-o-m. Shipments surged 52% from 81,290 t in the same period last year. Procurement of Japanese scrap by Vietnamese buyers witnessed a significant rise throughout the period. With increased domestic prices in Vietnam, buyers showed interest in imported scrap.
- Imports from US down: Vietnam imported 67,120 t from the US in September, a slight decline of 4% m-o-m as against 69,880 t in August. Similarly, on a y-o-y basis, import volumes decreased by 58% from 161,458 t in September 2021. As no firm offers were received for US-origin bulk HMS cargoes, imports remained low.
- Imports from Hong Kong drop: Vietnam’s imports from Hong Kong were at 29,908 t in September, a 38% fall from 48,115 t in the previous month.
Outlook
Going forward, scrap imports may rise noticeably as mills are likely to continue booking for October-November shipments in order to shore up inventories before winter.
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