Vietnam’s imported scrap prices remain higher compared to Japan and the United States. However, trade remains limited on dull demand due to holidays. Trade volumes in the domestic and overseas markets have yet to improve.
Assessments for US-origin bulk offers are now at $395-400/t CFR, up by $10/t w-o-w. However, a few buyers are yet to resume bulk bookings due to disparities in bids and offers.
SteelMint’s assessment for Japanese H2 material is at $395-400/t CFR, up by $10/t w-o-w.
Furthermore, imports of scrap are likely to remain slow ahead of the Tet holidays. The country’s Ho Chi Minh City will host its annual floating flower festival to celebrate the Tet holidays (Lunar New Year) from 6-21 January 2023.
Meanwhile, despite the slight rise in prices, the country’s export market is yet to support the steel industry. BF-grade billet export offers increased by around $5/t as against last week. Offers were at $550/t FOB. However, no active deals were reported at these prices.
South East Asia overview
- Thailand: Central American scrap is being offered at $335-340/t for HMS (70:30), and shredded at around $400-405/t CFR levels. However, buying interest remains low as well as trading activities.
- Indonesia: Offers for HMS (90:20) scrap were quoted at $395-400/t CFR, whereas PNS is at $425/t
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