Japanese H2 offer prices to Vietnam increase

Friday, 05 April 2024 15:13:37 (GMT+3)   |   Istanbul
       

Although the Vietnamese scrap market has remained quiet and trading is still on the low side, some suppliers are asking for higher price levels.

SteelOrbis has learned that Japanese H2 scrap offers to Vietnam are in the range of $375-380/mt CFR, moving up from $372-375/mt CFR recorded in offers last week. Vietnamese sources report that bids for this grade remain at around $370/mt CFR. “There is little chance of buyers and sellers meeting in the middle,” a Vietnamese scrap trader commented this week.

Vietnam is not showing much interest in ex-US bulk HMS I/II 80:20 scrap either. Indications for this grade are now at $385-390/mt CFR Vietnam, obviously higher than Vietnamese buyers’ price ideas for import scrap, but similar to the offers to South Korea. South Korean buyers are refraining from spot scrap purchases, while their capacity utilizations rates are lower than usual. The South Korean market is expected to remain silent in the short term.

This week, Tokyo Bay FAS-based prices for H2 grade scrap remained at JPY 51,000/mt ($337/mt). This level shows that FOB prices are at JPY 52,000/mt ($344/mt) for this grade. Tokyo Bay FAS prices for HS grade scrap were at JPY 54,500/mt ($360/mt), while prices for shindachi scrap were at JPY 53,500/mt ($354/mt) FAS.

As a result, SteelOrbis’ reference price for ex-Japan H2 scrap has moved down slightly to JPY 49,500-51,500/mt ($327-340/mt) FOB from JPY 50,500-51,500/mt ($333-341/mt) FOB. The lower end is represented by the indications coming out of Taiwan, while the upper end has been left unchanged week on week due to the price indications from other regions.

$1 = JPY 151.38


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