Vietnam’s imported scrap offers have remained mostly stable due to less buying interest seen during last week. Trade for bulk cargoes remained limited on lower bids from buyers.
SteelMint’s assessment for Japanese H2 bulk scrap stands at $530/tonne (t) CFR, slightly down by $5/t week-on-week (w-o-w). The same for US-origin HMS 1&2 (80:20) remained stable at $542/t CFR Vietnam.
Domestic scrap prices follow global trend: Domestic scrap purchase prices followed the global trend with the recent fall in Japanese scrap purchase bids. Currently, a drop of VND 600/kg ($26/t) is being reported against the price reported by SteelMint on 20 May’21. Now, H1 is being offered at VND 11,000/kg ($478/t), while the most preferred grade of H2 is being quoted at VND 10,700/kg ($465/t).
On the other hand, finished product sales remained weak, pushing scrap prices to the lower side.
Vietnam billet export offers drop $60/t: Blast furnace-route billet export offers from Vietnam have fallen sharply by $40 to $760/t, FoB Vietnam from $800/t last week. Billet prices in the South East Asian markets dropped, owing to a drop in rebar futures on the Shanghai Futures Exchange (SHFE).
Vietnam’s ferrous scrap imports steady at 550,000 t in Apr’21: South East Asia’s biggest importer of ferrous scrap, Vietnam, recorded total imports at 550,000 t (0.55 mn t) in Apr’21. Japan maintained its position as the top supplier to Vietnam at 0.28 mn t, up 27% on a monthly basis. However, imports from the US and Australia dropped due to an increase in scrap offers and a sharp hike in freight rates.
Offers stable for Indonesia: Imported scrap offers for the most preferred Hong Kong-origin PNS scrap were heard to have been offered at $515-520/t CFR Jakarta basis. However, no fresh trade has been reported at this level.
Bulk imported scrap trade absent in Thailand: Fresh offers for Central America-origin HMS 1&2 (80:20) stand stable at $430-435/t CFR Thailand levels, whereas Australian HMS 1&2 (80:20) prices have risen to $480/t CFR Thailand.
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