- Vietnam market quiet; slow demand for Japanese cargoes
- Mills hold prices; buyers cautious about scrap purchases
Imported ferrous scrap prices in Vietnam remained stable w-o-w, with only limited interest in Japanese material. Although the longs market showed moderate activity, scrap buyers were in no hurry to secure additional cargoes as their inventories remained sufficient.
Weekly assessments
- Japanese H2 scrap was at $320/t CFR, stable w-o-w.
- US-origin HMS 80:20 bulk stood at $340/t CFR Vietnam, stable w-o-w.
Market updates
A Vietnam-based trader said, “Japanese bulk H2 scrap was offered at $325/t CFR Vietnam, steady compared with $325-328/t CFR last week. US-origin bulk HMS 80:20 was still offered at $345-350/t CFR, but no transactions were concluded this week, with the last workable level reported at $338-342/t CFR.”
A major Japanese exporter said that the Vietnamese market has been quiet for several days, with offers hovering around $320/t CFR. No deals were concluded this week.
Demand for H2 scrap in Vietnam stayed moderate, with many buyers taking a wait-and-see stance in response to the recent uptick in offers. According to some sources.
Another source at a mill informed, “We will wait it out this week and maybe start purchasing again next week.. The slight rise in offers was partly linked to higher freight rates on the Japan–Vietnam route.
In the finished products market, mills held prices steady following a slight increase last week. A market participant commented, “Demand for longs is moderate, and construction activity is reasonably stable. Under these conditions, market participants do not rule out the possibility of producers testing the market with further price increases in the near term.
Outlook
In the near term, the Vietnamese scrap market is expected to remain stable, with buying interest cautious. Any movement in prices will likely be influenced by freight rate fluctuations, Japanese scrap availability, and developments in domestic steel demand.
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