- Bids soften slightly amid cautious buying sentiment
- Some deals closed at lower prices due to stock pressure
Vietnam’s imported ferrous scrap prices remained unchanged w-o-w on 29 December, as market participants were absent due to the year-end holiday period, which limited fresh transactions. Additionally, offers and bids remained mostly stable due to reduced activity.
Weekly assessments
- Japanese H2 scrap was at $324/t CFR, stable w-o-w.
- US-origin HMS 80:20 bulk stood at $345/t CFR Vietnam, up by $1/t w-o-w.
Market updates
Vietnamese imported scrap prices remained largely stable w-o-w, as holiday-related absences kept the market quiet. H2 scrap offers were heard mainly at around $325/t CFR Vietnam, with some offers in the $328-335/t CFR range, broadly unchanged w-o-w.
However, bids softened slightly to below $320/t CFR, reflecting cautious buying sentiment. A market participant stated that demand remained subdued ahead of the festive break, with isolated lower-priced deals heard, possibly due to suppliers rushing shipments amid stock pressure.
US-origin scrap offers to Vietnam were heard at $345-350/t CFR, with the most competitive levels easing by around $5/t w-o-w. Offers later became limited as suppliers were away for the holidays. Meanwhile, bids softened to about $335/t CFR for US-origin material.
Domestic updates
In the northern region, HMS (3-6 mm) bid prices were heard at VND 8,550-9,200/kg ($325-350/t), delivered to mills and excluding VAT.
In the southern region, HMS (3-6 mm) bids were indicated lower at VND 7,900-8,300/kg ($301-316/t), delivered to mills, excluding VAT.
Outlook
Vietnam’s steel scrap market is expected to remain quiet till the first week of January due to holiday-related slowdowns and cautious buying limit activity. Prices are likely to remain stable, with downside risk capped unless demand improves or restocking picks up following the holiday break.
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