Vietnam’s imported scrap prices corrected by $5/t w-o-w as most of the steel mills showed limited buying interest amid mixed sentiments in the finished steel market. A few, intermittent deals were heard over the last three-four days.
Offers of US-origin bulk HMS 1&2 (80:20) are heard around $460-465/t CFR Vietnam, down $5/t w-o-w.
Trader sources shared that most buyers’ bids were low by $10-15/t and the maximum bid was recorded at $430-440/t CFR for deep-sea scrap cargoes.
Further, market participants are waiting for the outcome of Japan’s Kanto scrap export tender, which is expected to conclude on 9 March.
Japan-origin bulk H2-grade cargoes were offered at $440-450/t CFR Vietnam, unchanged w-o-w. Bids for this material remained at $430/t CFR Vietnam ahead of Kanto Tender.
Buying interest is currently low because steel mills are still well-stocked owing to the slow movement of finished steel.
Vietnam’s BF-grade billet export offers remained rangebound at $630-640/t FOB last weekend. The hike in the country’s scrap prices has kept billet prices supported. However, no deal was reported at current offers.
Overview of other South Asian scrap markets
- Thailand: Thailand’s scrap market remained quiet for yet another week and no major deal was recorded last week. Shredded scrap prices were assessed at $450/t CFR, up $5/t over last week, SteelMint notes.
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