Domestic steel demand in Vietnam has declined over the past week, exerting pressure on raw material prices. There is sufficient supply in Vietnam’s domestic scrap market to meet mills’ demand, and so there is no rush to conclude scrap deals from abroad.
Offers for Japanese H2 scrap to Vietnam have declined by another $5/mt over the past week and are now at $350-355/mt CFR. Buyers’ ideas for the workable levels for Japanese scrap are almost $10-15/mt lower than offer prices, with the gap widening in the past week.
Ex-US bulk HMS I/II 80:20 scrap offer prices have also declined, falling on the upper end by $5/mt to $365/mt CFR Vietnam. Due to the declining trend of Vietnam’s import scrap market, buyers are showing little interest in ex-US material. Meanwhile, the containerized HMS I/II 80:20 scrap price in Vietnam stands at around $325/mt CFR, according to market players.