Vietnam’s import scrap prices have remained soft over the past week. Some Vietnamese producers are showing interest in scrap given the low prices levels, but there are still few purchases. The gap between buyers’ and sellers’ price ideas is narrowing. However, the downtrend of Japanese scrap offers is not helping the market. Japanese scrap prices have been moving down for some time due to the lack of sustainable demand from both domestic and export markets.
Offers for Japanese H2 scrap to Vietnam have moved down by another $10/mt over the past week to $335-340/mt CFR. Buyers’ ideas for the workable levels for Japanese H2 scrap are now approximately $7-10/mt lower than the offers.
Ex-US bulk HMS I/II 80:20 scrap offer prices are still at $355-360/mt CFR Vietnam, but workable levels are below this point, market sources report.