Over the past two weeks, Vietnam’s import scrap market has followed the trend observed in the international scrap market and moved up sharply. A Japanese source commented, “Steel production in Japan and South Korea is not so good, but market participants expect the market to remain bullish in line with Turkey.”
This week, ex-US West Coast HMS I/II 80:20 offers for bulk cargoes to Vietnam are at around $410-415/mt CFR, moving up sharply from $395/mt CFR recorded two weeks ago. Meanwhile, Japanese H2 grade scrap offers to Vietnam have remained stable week on week at $390/mt CFR.
SteelOrbis’ reference price for ex-Japan H2 scrap has moved up this week from JPY 49,000-51,500/mt ($328-345/mt) FOB to JPY 51,000-53,000/mt ($344-358/mt) FOB. The lower end is represented by the H2 offers Vietnamese producers have received, while the upper end is represented by Taiwan’s H2 scrap import prices.
$1 = JPY 148.21