Vietnam, South East Asia’s largest buyer of ferrous scrap, recorded imports at 0.28 million tonnes (mnt) in August vis-a-vis 0.18 mnt in July, a recovery of 56% m-o-m. The country’s ferrous scrap imports rebounded after hitting the lowest in six months in July, as per SteelMint data.
On a yearly basis, the country’s imports fell 15% from 0.33 mnt in August 2021.
Load country-wise data-
- Japan top exporter: Japan was the largest supplier to Vietnam with 121,196 t in August as against 59,076 t in the previous month, rising by more than two folds compared to July. Similarly, shipments increased by 22% from 99,417 t in the same period last year. It has been noticed that Vietnamese buyers’ interest in Japanese material improved.
- Imports from USA recover: Vietnam imported 69,880 t from the USA in August, a jump of 94% m-o-m as against 36,097 t in July. However, on a y-o-y basis, import volumes decreased by 44% from 124,134 t in August 2021.
- Imports from Hong Kong also rise: Vietnam’s imports from Hong Kong were at 48,115 t in August, witnessing a sharp recovery of 73% as against 27,822 t in the previous month.
Outlook
Since October-January is the favourable season for construction, mills are likely to replenish inventory before the winter season. Thus, import volumes may see a rise in the near term.
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