Vietnam’s scrap import market slowed down last week as deep-sea bulk trading remained subdued amid limited buying interest. Market sentiments remained bearish as there were no signals of demand improvement.
Meanwhile, the domestic finished steel market was also quiet, and it seems that end-users may take sometime to resume bookings.
Indicative offers for Japanese H2 scrap were heard at $435-440/t CFR Vietnam, falling by $10-15/t w-o-w. As the Japanese domestic scrap market was active, exporters were less interested in decreasing their offers further.
On the other hand, USA-origin bulk scrap HMS (80:20) offers fell further by $15/t w-o-w to $460/t on limited inquiries.
Additionally, Vietnam’s BF-grade billet export offers also decreased w-o-w, following a decline in imported scrap prices in the region. Current offers stood at $620/t FOB, lower by around $30/t w-o-w. However, no active deals were heard at these prices.
Furthermore, the other South East Asian markets were mostly quiet amid the bid-offer disparity. Dull finished steel sales held back steelmakers from placing bookings. However, scrap suppliers (USA and Japan) kept their offers on the higher side backed by active demand in their domestic markets.
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