Over the past week, import scrap offer prices to Vietnam have followed diverse trends. While Japanese scrap offers have moved up slightly week on week, ex-US scrap offers are now lower. Due to the significant gap between the workable levels for buyers and sellers of ex-US scrap, the slower trade is considered normal.
Prices for Japanese H2 scrap to Vietnam have moved up by $5/mt over the past week to $340-345/mt CFR. However, buyers are aiming for $330-340/mt CFR, market sources report, showing that the upper end of bids is now closer to the offer prices.
Ex-US bulk HMS I/II 80:20 scrap offer prices are currently at $375/mt CFR, $5/mt lower than the prices recorded last week. Sources report that there are bids from Vietnamese mills in the range of $360-365/mt CFR, almost $5/mt lower than last week’s bids.
In the current week, Tokyo Bay FAS-based prices for H2 grade scrap are still at JPY 42,500/mt ($278/mt), stable week on week but down $2/mt on US dollar basis due to the changes in the Japanese yen-US dollar exchange rate. This level shows that FOB prices are at JPY 43,500/mt ($285/mt) for this grade, a $1/mt drop since last week.
Having remained unchanged on Japanese yen basis, ex-Japan HS scrap prices are standing at JPY 46,500/mt ($304/mt) FAS and shindachi scrap quotations are at JPY 46,000/mt ($301/mt) FAS. Dollar-based quotations for both grades have declined by $2/mt over the past week.
$1 = JPY 152.78