Vietnam’s import scrap market has remained relatively quiet this week despite increasing import scrap offers, especially from the US. The rapid rise observed in the international scrap market is also supporting sellers, though buyers’ bids remain below the offer levels. Vietnamese buyers may accept higher levels in the coming days, depending on steel demand in their domestic market. Some sources report that steel demand in Vietnam is also slowly increasing.
Prices for Japanese H2 scrap to Vietnam this week have moved up by $5/mt on the upper end to $335/mt CFR this week. There were deals done at $330-335/mt CFR late last week for H2 grade scrap.
Ex-US bulk HMS I/II 80:20 scrap offer prices have moved up over the past week by $10-15/mt to $370/mt CFR Vietnam, more in line with the few reports heard late last week. There is still a significant difference between buyers’ and sellers’ workable price levels, amounting to at least $10-20/mt, market sources report.