The import scrap market in Vietnam has resumed its downtrend this week, with offer prices softening. Despite the declines recorded in offers, buyers’ bids are even lower amid the sluggish finished steel demand in the country, SteelOrbis hears. Vietnamese mills are buying scrap in line with their immediate needs.
Offers for Japanese H2 scrap to Vietnam have declined slightly over the past week from $335-340/mt CFR to $333-335/mt. There is still a gap compared to buyers’ bids at around $330/mt CFR. The appreciating Japanese yen and the low number of available vessels in the region are impacting the market.
Ex-US bulk HMS I/II 80:20 scrap offer prices have declined by $5/mt on the upper end to $360/mt CFR. Vietnamese mills still consider this level to be on the high side, with their bids remaining $10-15/mt lower than the offers.