Vietnam’s import scrap prices have continued to move down over the past week. Vietnamese mills are still focusing on domestic scrap purchases, market sources report, as local scrap prices have remained relatively stable in this period. On the other hand, Vietnam was recently hit by Super Typhoon Yagi, which impacted the northern and central parts of the country. According to the Vietnamese authorities, approximately 190,000 homes have been flooded, damaged or destroyed. In the aftermath, Vietnam is expected to take steps to secure these areas and rebuilt their infrastructure, which may boost steel demand in the country.
Offers for Japanese H2 scrap to Vietnam have moved down by another $5/mt over the past week and are now at $345-350/mt CFR. Buyers’ ideas for the workable levels for Japanese H2 scrap are now approximately $15/mt lower than the offers.
Ex-US bulk HMS I/II 80:20 scrap offer prices have also declined, by $5-10/mt week on week to $355-360/mt CFR Vietnam.