SE Asia’s largest ferrous scrap importer – Vietnam has seen a sharp hike in imported scrap offers during the last week. The bid price in Japanese scrap Kanto tender was successfully concluded at higher-than-expected levels, hence creating room for further price hike, SteelMint reported last week. A total of 20,000 t of Japanese H2 scrap was awarded at an average price of JPY 43,380/t ($397) FAS in Kanto Tetsugen monthly ferrous scrap export tender concluded for Apr’21.
SteelMint assessment for Japanese H2 bulk scrap offers to Vietnam now stands at $455/t CFR Vietnam basis, up by $13 w-o-w.
On the other hand, USA-based suppliers were actively seen concluding deals in Bangladesh at around $455-470/t CFR however no confirmed trade for Vietnam was heard, SteelMint has learnt. Current price indications for US-origin HMS are now being cited at $455-460/t CFR Vietnam basis.
Domestic scrap prices in Vietnam up further: Domestic scrap prices for H2 grade are now seen hovering VND 10,450/Kg ($454). Prices have increased by VND 950/kg ($41) in the past two weeks.
Due to increasing billet demand from China, scrap prices would increase in near term, sources have reported to SteelMint. The BF route billet export offers from Vietnam surged by $20 w-o-w to reach $635/t, FoB levels towards last weekend.
Indonesia’s imported scrap trades remained slow amid holidays: Indonesia scrap market takes a slow speed in purchasing after Easter holidays. Buyers are less active in trade as prices are going up every week.
Indicative imported scrap offers:
- PNS: Fresh offers are being quoted at $450-$455/t CFR Jakarta, up by $5 w-o-w
- Busheling: Offers are at $460-470/t CFR Jakarta
Imported scrap offers in Thailand move up: Imported scrap offers to Thailand follow the global scrap price uptrend. Fresh offers for Central America origin HMS 1&2 (80:20) is being quoted at $415/t CFR Thailand basis, moving up significantly by $20-25/t as compared to preceding week.
Suppliers waiting for clear direction in Taiwan: Imported scrap prices go up a bit this week as many suppliers have opted a wait and watch approach as the market is rising continuously.
Recent offers-
- HMS 1&2 (80:20): $400-405/t CFR Kaohsiung, up by $10-15 w-o-w
- Whereas, shredded 211: $415-420/t CFR Taichung
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