Vietnam’s import scrap market remains stable

Friday, 19 January 2024 16:46:03 (GMT+3)   |   Istanbul
       

Vietnam’s import scrap market has indicated little change over the past week in terms of demand, while import scrap prices have remained stable.

Prices for ex-US containerized HMS I/II 80:20 scrap have remained stable week on week at $385/mt CFR Vietnam. Ex-US West Coast HMS I/II 80:20 offers for bulk cargoes to Vietnam are offered at $415-417/mt CFR, with still not much interest shown in bulk cargoes.

Meanwhile, prices for Japanese H2 grade scrap to Vietnam have moved sideways over the past week at around $400/mt CFR. There was a deal closed for Japanese shindachi scrap at $420/mt CFR, while some Vietnamese mills have been seeking Japanese shredded scrap, with their price ideas standing at $417-418/mt CFR. A Vietnamese source commented, “There is strong demand for Japanese HS, but offers are very limited.”

Ex-Hong Kong bulk HMS 50:50 scrap remains in the range of $395-400/mt CFR.

As of today, January 19, Tokyo Bay FAS-based prices for H2 grade scrap are at JPY 52,500/mt ($354/mt). Tokyo Bay FAS prices for HS grade scrap are at JPY 56,000/mt ($378/mt), while prices for shindachi scrap have been at JPY 54,000/mt ($364/mt) FAS.

SteelOrbis’ reference price for ex-Japan H2 scrap has increased on the lower end this week by JPY 2,500/mt to JPY 52,500-54,000/mt ($354-364/mt) FOB. Amid the depreciation of the Japanese yen, dollar-based prices have increased by $10/mt on the lower end and by $9/mt on the upper end as compared to the levels last week. The lower end is represented by deals done by Taiwanese producers, while the upper end is represented by Vietnam’s purchase prices as well as the Kanto tender.

$1 = JPY 148.16


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