Imported scrap offers for Vietnam have increased further this week, after witnessing active deep sea bulk bookings last week at an increased price. SteelMint gathered from its sources that two Vietnam based steel mills had booked US origin bulk cargo for Dec’20 shipments. Deal price for both the bulk deals was reported at $341-342/t CFR Vietnam for HMS (80:20), as per sources.
Following conclusion of these deals, offers for US origin bulk HMS (80:20) had increased further to $350/t CFR levels. SteelMint’s assessment for US origin HMS 1&2 (80:20) stands at $345/t CFR level, up by $25 w-o-w.
Similarly, scrap offers from Japan have also strengthened with bulk H2 offers increasing to $350/t CFR levels. SteelMint’s assessment for Japanese bulk H2 stands at $345/t, CFR Vietnam level, up by $15-20/t w-o-w.
Vietnam scrap imports up by 17% m-o-m in Oct’20- Vietnam has recorded a17% m-o-m increase in imports. Import volumes increased to 0.55 mn t in Oct’20 as against 0.47 mn t in Sept’20, according to data maintained with SteelMint. Japan continued to remain the largest scrap supplier to Vietnam at 0.32 mn t, up by 10% m-o-m.
Indonesia based steel mills raise bids for imported scrap – Steel scrap market in Indonesia was not active last week, considering the slow buying activities on an increased level. However, the buyers have increased their bid price by $10-15 compared to last week, but they are still behind other South-Asian countries, highlighted a source.
Indicative prices-
- PNS in 20ft container: $335-340/t CFR Jakarta, up up by $5-10 w-o-w
- Australian HMS1 in 20ft container: $333/t CFR Jakarta
- Busheling in 20ft container: $350- 360/t CFR Jakarta, moving up around $20 w-o-w
- Shredded 211: $335/t CFR Jakarta, increasing sharply by $15 w-o-w
Imported scrap prices in Thailand rise further – Following a global scrap price uptrend, imported scrap price to Thailand witnessed a hike w-o-w.
Central American origin HMS 1&2 (80:20) in containers was quoted at around $300/t CFR level, up by $5/t w-o-w. Few sources highlighted a 30,000 t of US west coast mix bulk scrap cargo being booked for mid Jan’21 shipment. However further deals could not be received till the time of publishing this report.
Outlook – Continuous price rally in scrap and steel are likely to keep imported scrap offers supported in Vietnam.
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