Over the past two weeks, import scrap offer prices to Vietnam moved up first but failed to maintain their strength and started to soften this week as Vietnamese buyers were cautious and had been resisting the higher offers. The construction segment has failed to recover in Vietnam and provides little support for higher scrap prices despite the slight increases seen in the steel market. Also, there is still no common ground between the price ideas of sellers and buyers, making it hard for agreement to be reached on price levels.
Prices for Japanese H2 scrap to Vietnam have moved up by $5/mt over the past week to $340-345/mt CFR. This price range is $5-10/mt higher than the levels reported by SteelOrbis on October 11. However, buyers are targeting $330-335/mt CFR, market sources report.
Ex-US bulk HMS I/II 80:20 scrap offer prices are currently at $380/mt CFR, $10/mt higher as compared to October 11. According to some sources, Vietnam has concluded a deal from the US at $375/mt CFR, but this information has not been confirmed by the time of publication. Sources report that there are bids from Vietnamese mills at around $365/mt CFR, almost $10/mt lower than the most recent booking price.