Imported scrap offers to South-East Asian countries were mostly stable week-on-week (w-o-w), with lower volumes of trade being observed due to the sluggish finished steel market.
Vietnam imported scrap offers remained mostly stable for the week ending 5 Jun’21 over the preceding week. However, trade remained mostly absent due to discrepancies in bids and offers and slow finished steel market, shared a source.
Bulk Japanese H2 scrap offers remained mostly firm at $490-495/t CFR levels. The market is waiting for the outcome of the Kanto Tetsugen scrap export tender scheduled on 9Jun’21 and is a strong indicator of future trends.
No firm offers have been heard for US-origin bulk cargo for Vietnam this week.
Domestic scrap prices edge up: Domestic scrap prices rose by VND 300/kg ($1). The H2 grade scrap price is assessed at VND 9,200/ kg, and H1 is available at VND 9,500/Kg. The price was adjusted after hitting record lows last week that made it unviable for local scrap collectors, SteelMint learnt from sources.
Last week, BF-route billet export offers from Vietnam had risen considerably by $40/t, w-o-w to $690/t FoB, on an uptrend in Chinese futures. However, market sentiments turned bearish today (7 Jun’21) on a plunge in Chinese steel futures.
“Domestic rebar and wire-rod prices have fallen today by VND 500-800/t on bearish market sentiments,” said a trading source in Vietnam.
Meanwhile, Vietnam continues to undergo restrictions amid the outbreak of a new variant of the Covid-19 virus.
Indonesian offers stable: Imported scrap offers for Indonesia too stayed mostly stable. The most preferred PNS grade from Hong Kong was being offered at $505-510/t CFR Jakarta. Few deals were heard to have been concluded at this level. The same from Australia stands at $480-485/t CFR Jakarta levels, steady w-o-w.
Thailand’s imported scrap offers stable: Central American HMS 1&2 (80:20) was being offered at $430/t CFR levels, unchanged w-o-w. On the other hand, buyers’ expectations for shredded have come down by $5-10 w-o-w to $485-490/t CFR Thailand basis.
Leave a Reply